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  You beat me too this Howard...
  
  I have said before the the Euro crisis is not over and has just been dampened down by the recent actions.
  
  Mark - their austerity is entirely to do with their own spendthrift ways. They cannot go on spending more than their income forever and chickens are coming home to roost. Would you lend someone money who is not showing any signs of getting their excessive spending under control? Who knows, maybe your pension fund has done so in the past and it (you) may lose out from default caused by their not mending their ways and taking adequate other corrective action like getting out of the Euro and devaluing some of their debt mountain.
  
  We have a crisis here of government spending made worse by a failure to deal with the ill-conceived Euro.

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