Southern European nations that nearly broke the eurozone monetary bloc during the 2012 financial crisis are now growing more rapidly than Germany and other long-time growth engines of the region, reinforcing the economic health of the area and preventing a steep decline in the Eurozone.
It has taken years for countries like Greece, Spain, and Portugal to recover from deep national recessions and multibillion-dollar international bailouts with harsh austerity programs. They have since worked hard to clean up their finances, attract investors, boost growth and exports, and reverse the record unemployment.
On the other hand, Germany, the largest economy in Europe, is struggling to emerge from a depression caused by rising energy prices following Russia's invasion of Ukraine. Recent data showed that the Eurozone's economic output grew by 0.3 percent in the first quarter of this year compared to the previous quarter.
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