Investor confidence has returned.

ECONOMIST: A health check for emerging markets

And partly because of the hope and expectation that sufficient confidence has returned to economies with weakened banks, especially those of Spain and Italy, that those with big deposits in such banks will not immediately ask for their money back (even if the Cypriot levy could one day turn out to be a very painful precedent for them).

BBC: Why Cyprus's rescue matters to us

Fine, if confidence has by then returned.

ECONOMIST: Ecuador on the brink

While business confidence has improved and Europe's largest economy has returned to growth, output is still set to be down by around 5% this year, and the country's unemployment level and budget deficit are rising.

BBC: Merkel pledges speedy transition