GDP growth masks a broken eurozone

Growth figures are healthier than expected, but beneath the surface unemployment and low wages depress living standards

Frankfurt's stock market has reached a new high, topping 11,000 for the first time. According to the latest eurozone GDP figures, Germany enjoyed strong GDP growth in the last three months of the year and helped push expansion across the currency bloc to 0.3% for the quarter and 0.9% for the year. In Portugal and Spain, the headline growth figures improved. Even Italy beat analysts' expectations after it avoided a decline.

So the recovery is real. In fact, say the eurozone's top policymakers, it's all going so well the new Greek government should open its eyes and see the warm, golden glow of sunshine appearing on the horizon.