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From the start of its troubles, Euro Disney has claimed that the major cause of its poor financial performance has been the European recession and the strong French franc. The timing of the opening of the park could not have been more inopportune. If the recession has been the only cause of Euro Disney''s problems, the financial restructuring need only carry the park forward to more clement economic times. Only when Europeans begin spending freely again will investors learn the answers to some uncomfortable questions: Was the whole idea of Euro Disney misconceived? Are there other fundamental cultural problems that will inhibit the success of the park? Will Euro Disney fail to recover even when other European companies do recover? And, if so, why was the Disney theme-park concept successful in Japan and not in France?