I would differ with you that the Euro is recovering. There was a trillion dollar bailout recently with the bulk of that going to Greece. But without fixing the problem of overspending that trillion dollars will disappear quick. So, yes, the stock markets recovered in the short-term. But Greece, Spain, Portugal, Ireland, and other EEU countries still haven't resolved their internal fiscal problems.
So I'm guessing there will be another bailout coming. But it's like throwing money into a bottomless pit. And another trillion dollars will likely break the bank. Further, a double digit recession is predicted in the U.S. sometime in the fall. So I wouldn't hold my breath about any sustainable recovery.