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The Cyprus bailout package, is "difficult, painful and chaotic for Europe," says the Vienna daily, but adds that there is reason for "a little optimism: the euro works."

The deficit of the eurozone countries has gone from 4.5 per cent of GDP in 2009 to about 2.1 per cent in 2012. Having searched for a means to overcome the crisis, the EU is now finding its way —

Whereas before the heads of government of Italy, Greece and Cyprus followed the model of "invisible expropriation" their successors are now being forced to own up to their mistakes and begin (painful) reforms. The single currency [...] has drawn the people's attention to the errors committed by political elites.