The news from southern Europe has taken on something of a brighter hue over the past few weeks. Probably the most significant reason to be cheerful is the progress made with Greek bailout negotiations and the unveiling of a deeply discounted €10bn (£8.1bn) debt buyback plan. Meanwhile Spain has been given the green light to pump €40bn into its troubled banking sector. What's more, borrowing costs are falling in the eurozone's trouble spots, with Italy's borrowing costs recently hitting a two-year low. And recent PMI manufacturing data suggests there are grounds for hope that economies are stabilising in the eurozone as a whole.