Implode-o-Meter News - So you think Europe's debt crisis is finally over? Time to think again

For though it is true that some form of equilibrium seems slowly to be re-establishing itself in the European economy, it is at such a deeply impaired level that it can scarcely be regarded as cause for celebration. Unemployment, already at intolerable levels in some eurozone countries, is still rising and money growth remains exceptionally depressed.
Nor is there any end in sight to credit destruction, with deeply negative implications for SMEs and future jobs creation. According to a new report by Royal Bank of Scotland, Europe's banks need to shed a further â‚¬3.2 trillion (Â£2.7 trillion) of assets (roughly equal to annual German GDP) to comply with new international capital standards.

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So you think Europe's debt crisis is finally over? Time to think again