Progress has taken the eurozone from a stage of crisis and possibly imminent breakup to one of chronic debt and stagnation with little sign of relief, which in itself still poses dangers, analysts say. "If we define the threat as the imminent blowup of the euro, the collapse of the common currency and the serial bank failures ... that threat is I think for all respects and purposes gone. What we have instead is a more structural, grinding crisis. Now we've had six quarters of recession," says Jacob Funk Kirkegaard, senior fellow at the Peterson Institute for International Economics.

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