Government borrowing costs across the euro zone have fallen to record lows and stock markets are rising despite a deepening economic contraction across the currency bloc.
Investors have put their faith in the prospect of ECB bond buying should the crisis flare again, but for now, markets are calm.
As Deutsche Bank economist Torsten Slock points out in his latest presentation, there are still several flashpoints across the euro zone that could cause such a flare-up.
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