General Motors (NYSE:GM) has lost a fortune in Europe since the late 1990s -- several fortunes actually, over $17 billion in losses. The restructuring that CEO Dan Akerson initiated late in 2011 was widely expected to be just the latest in a series of failed efforts to fix GM Europe's chronic problems.

Or was it? Much to the surprise of Wall Street, GM's losses in Europe have been shrinking -- and profits might not be too far off. In this video, contributor John Rosevear looks at GM's latest results from the Old World, and explains why these changes could be a big deal for GM's stock price.

Fool contributor John Rosevear owns shares of General Motors. Follow him on Twitter at @jrosevear. The Motley Fool recommends General Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.