FRANKFURT, Germany-Europe has taken a step back from the brink.
Three weeks into the year, borrowing rates to countries that are burdened in debt has fallen to a more manageable level. An auction of government debt have been better, a sign of investor confidence increased.
And while it might be, especially for France, downgrade sweeping nine European countries last week by standard
all of this is in contrast to the weeks late last year, when countries such as Italy, Spain, Portugal and Greece who watched helplessly debt management costs they circled taller, and the Government fell in Athens and Rome.
high Hurdles remain: Greece still had to make a deal with private creditors, to say nothing of the long-term problems-massive debt, the economy is not competitive and the prospect of cuts in public spending.