The euro crisis will move ever closer to the core

My view is that the euro zone sovereign debt crisis will end in a combination of monetisation, breakup or default. Let's review why.

Last summer, before the crisis hit Italy and Spain, I said that I expected Italy and Spain to come into the spotlight in a negative way:

My expectation is that Spain and Italy will be perceived as the new Ireland and Portugal, meaning they will now be stressed permanently – the spread to bunds will be permanently elevated at levels that are almost unsusta...


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