AP News

News Summary: After 3 years, panic eases in Europe

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.

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