Clouds gather over the eurozone

“Some are whispering it, some are shouting it,” says Economist.com: “the euro crisis may be over.” Bond yields, and hence implied borrowing costs, have fallen sharply in the troubled peripheral states in the past 18 months, and the economy finally began a tentative recovery in the middle of last year. But there may be turbulence ahead.

Whatever it takes?

The main reason the eurozone is no longer considered to be in mortal danger is the Outright Monetary Transactions Programme, or OMT, introduced by the European Central Bank (ECB) in September 2012 [...]

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