What crisis? Stronger banks, economies ease fear over Greece

In 2012, financial markets were rattled by the possibility that Greeks would elect a left-wing government, default on their debts and drop the euro currency.

"If things go off the rails and Greece is pushed out of the eurozone, the fallout should be temporary and modest," says Mark Zandi, chief economist at Moody's Analytics.

Seven years ago, few thought troubles in the U.S. sub-prime mortgage market would trigger a worldwide financial panic and the worst economic downturn since the 1930s.

[...] if all five countries defaulted on their debts, investors thought, Europe's currency system would likely unravel since the combined group was too big to bail out.

The IMF expects the 19 countries that use the euro will see economic growth of 1.5 percent this year, up from 0.9 percent in 2014.

Since June 30, the region is benefiting from a big drop in the value of the euro against the U.S. dollar, a boon to European exporters selling their products to foreign customers.

Last year, the European Parliament approved a plan that should let authorities move faster to close troubled banks, pay off depositors and creditors and avoid costly taxpayer bailouts, potentially limiting damage in a crisis.

The ECB is already committed to buying 60 billion euros a month in corporate and government bonds to push down interest rates and help the European economy.

European authorities also created the European Stability Mechanism, a bailout fund that can lend to troubled countries when private investors won't.