The slow train wreck of the euro crisis has reverberated through world markets.

For a while it threatened recession in the US which raised fears of rapidly slowing growth in China and in turn threatened Brazil with its dependence on commodity exports to China.

Those worst fears have receded. Indeed, while an FTI Consulting poll commissioned in January indicated that US CEOs wanted to give Europe a wide berth as they focused on domestic recovery and Asian opportunity, Asia’s business leaders had begun to see bargains in Europe as asset values appeared to have come down.