Recent indicators have brought signs of a renewed recovery in the euro-zone economy, reflecting the beneficial effects of lower oil prices and the decline in the euro exchange rate. But the picture continues to be clouded by the uncertainty surrounding the ongoing Greek crisis and the potential negative effects of an escalation of the situation. And even if the crisis is soon resolved, it is far from clear that euro-zone growth will be strong enough to eradicate the danger of deflation in the region and to help the peripheral countries to address their persistent debt problems.
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