Europe's economy stable in the crisis

According to preliminary estimates by the statistics office Eurostat, the Eurozone's fourth-quarter GDP in 2011 declined by 0.3 percent year on year. But although this decrease is less than expected the euro crisis is far from over, writes the conservative daily Rzeczpospolita: "Does that mean that as ever the analysts have exaggerated with their doom and gloom prognoses? It should be recalled that none of the problems lying at the heart of the crisis have been solved. The spectre of a Greek bankruptcy still haunts the markets, and talk is growing ever louder that Portugal will soon follow suit. In addition there has been no progress to speak of in the economies of Italy or Spain. The mountains of debt that have increased with every passing year of crisis can't be eliminated all that easily - not even with radical austerity programmes."

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