Alan Wheatley: Signs of hope for the euro zone but it’s going to be a long slog
THE euro zone crisis is entering a new, treacherous phase for governments, which can only cross their fingers that slow-burn reforms will pay off before voters get fed up with austerity and high unemployment.
On the face of it, 2013 should be a much less traumatic year than 2012 for the 17-nation single-currency area.
Financial conditions have improved enormously since the European Central Bank promised to do whatever it takes to preserve the euro. Yields on the bonds of highly indebted countries such as Ireland have fallen sharply, bank funding strains have eased and stock markets have rallied.