• While the eurozone basks in a cyclical upturn boosted by a surprisingly aggressive ECB, cheap oil and a cheap euro, fundamentally things are rather bad.
• The upturn is not strong enough to dent the eurozone’s structural problems and paper over the design problems of the euro, which can reassert themselves at any moment.
• Both the euro and the refugee crisis have created a host of political problems that could spin out of control if the relatively benign economy starts to face headwinds.

Source: European Dream Turns Into A Nightmare | Seeking Alpha