SPECIAL REPORT DAY 4: Is austerity working - the European perspective

The financial crisis that has engulfed Europe for almost half a decade is far from resolved and many believe the breakup of the euro is still a distinct possibility, writes Europe correspondent Ann Cahill.

THE entire eurozone was having one long, giant party all the way from the turn of the millennium until 2008.

It had to end in tears — and that is how we have the longest recession in modern history — or so the story goes.