That’s the good news. But it should not mask the fact that the adjustment process is still far from over. Simply put, it’s more of a marathon than a sprint. Tenacity and perseverance are called for, particularly in the second half of the course. Yet a glance at the sovereign debt markets would suggest that the finishing line has already been crossed.
Risk premiums on sovereign bonds issued by crisis countries have  2  BIS central bankers’ speeches  plummeted to such an extent that it has never been cheaper for Spain and Italy to raise capital.