In Italy, the government was easily able to borrow $4 billion to pay for spending over the next three years. And the head of the European Central Bank says it is evidence that the new European bailout is paying off.

In Berlin today, German Chancellor Angela Merkel and French president Nicolas Sarkozy meet for the first time this new year to talk about European debt, and treaties to allow for more budget control of eurozone nations.

In Europe, some countries in the north are doing well while in southern countries like Italy and Spain, unemployment is skyrocketing.

The 17 nations sharing the euro as a common currency struggle to keep the eurozone together. Historically, currency unions have a poor track record.

Leaders usually like to start the year with optimism, but Angela Merkel and others are finding it hard to see the bright side to the current situation in Europe.

The European Central Bank yesterday printed $640 billion worth of euros, almost the same amount of money as the TARP program used by the U.S. government during the financial crisis in 2008.

What looks like a major success now may end up being more of a modest win in the future against the mounting debt crisis in the eurozone.

The news that more banks than expected are putting a hand out for help from the European Central Bank had markets on a roller coaster today.

The ECB has given about 490 billion euros in cheap loans to European banks, reflecting the crisis in Europe’s banking system.