REMEMBER GREECE? The big worry a year ago was that Greece would collapse under its debts and roil Europe's financial markets. But the world's most dangerous bond market turned out to be one of the world's best bets last year. Many of Europe's markets surged.

NOW WHAT? The worst is over, investors say. That's where any agreement ends. Some on Wall Street think European stocks will outpace those in the U.S.

PLENTY OF PROBLEMS: The 17 countries that share the euro currency are in a second recession in three years; the unemployment rate reached a new high of 11.8 percent.