As the eurozone faces a subdued growth outlook, a different economic picture has emerged along its southern flank: Spain, Portugal, Italy and Greece, all deeply affected by Europe's sovereign debt crisis over a decade ago, have shown renewed vitality and resilience in recent years. In the second quarter of 2026, seasonally adjusted GDP in the euro area increased by 1.0 percent year-on-year. In contrast, Spain, Portugal and Greece recorded growth of 2.7 percent, 2.5 percent and 1.9 percent, respectively, while Italy matched the eurozone rate. [...]