Anxiously watched by the rest of the world, the 2012 stabilization of the eurozone had been based on a compromise among Germany, Italy, Spain, France and the rest. It was driven by the fear of an escalation that would take down first Spain and then Italy. A year later the acute phase of the crisis had passed. But as the second recession to hit Europe in short succession began to make itself fully felt, the EU entered a new season of discontent.
