Endividamento - Antonio Gaspar

Is it the end of the European crisis?

Politicians say the eurozone is recovering, but poverty and unemployment persist.   So declared beleaguered French President Francois Hollande on a trip to Japan in June. His voice has also been joined by those of Herman Van Rompuy, president of the European Council, and Jose Manuel Barroso, head of the European Commission - both major players in pulling the eurozone out of its financial black hole.   The eurozone has been plagued by economic woes since the global financial collapse in 2008. Infighting between member states has exacerbated the problem and delayed vital policies from coming into effect - such as the EU budget, agreed at the 11th hour after a series of compromises. The 17 eurozone countries use a common currency, but do not have a common government. As a result, the countries often pull in different political directions. Countries with weaker economies resent the performance of the area's stronger ones, who in turn resent bailing out their struggling neighbours. And economically uncompetitive countries, such as Greece, cannot boost exports by devaluing their currency, which they could have done before adopting the euro. Germany's economy remains strong, with an unemployment rate of just 5.4 percent as of April 2013 - though sluggish growth is forecast through 2014. But when compared to Greece, where 26 percent are out of work, it is easy to see why anti-German sentiment is growing within Europe, especially with German Chancellor Angela Merkel's persistence in pushing for strict austerity policies across the continent.