In Europe spring is in the air and even in the downtrodden euro zone there are some brighter signs of life. The euro zone is not out of the woods yet and still has a very long way to go before sustainable recovery is safely secured.
The euro zone crisis was triggered in 2009 when Greece's debts, left by its previous government, reached a record 300 billion euros, leaving the southern European economy with debt levels more than four times higher as a proportion of gross domestic product than the official euro zone cap of 60 per cent of GDP. Since the original problems were uncovered, Greece has been bailed out twice, and lenders have also had to rescue Ireland and Portugal. In the latter half of 2012. Cyprus also required a bailout.