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News Summary: After 3 years, panic eases in Europe
Friday - 11/9/2012, 1:09pm EST
(AP) - CRISIS EASES: European leaders have taken steps to ease the panic that has plagued the region for three years. Financial markets are no longer in a state of emergency over Europe's high government debts and weak banks. And this gives politicians from the 17 countries that use the euro breathing room.
THE EVIDENCE: Illustrations that Europe has turned a corner can be found in countries' falling borrowing costs, rising stock markets and a slow but steady stabilization of the region's banking system.
STILL UNRESOLVED: Threats remain in Greece and Spain, and Europe's economy is forecast to get worse before it gets better. But an imminent breakup of the euro now seems unlikely, analysts say.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)