Greece is indicating they might be able to reach an agreement with their bond-holders. They should get the money they need for the next tranche. Italy is not as bad off as was supposed. If only their biggest business, the Mafia, would pay taxes. England is softening on their refusal to give the IMF more money. The US should have quite a good year because of the election.

They can always print more money. Germany is opposed but at the end of the day it might prevent a nasty default all around and save them money. Don't give up on Europe yet.