“The Irish say they are not Greece. The Portuguese say they are not Irish. The Spanish finance minister said last week that Spain is not Portugal.” I wrote these words in the Financial Times over 15 years ago, as the eurozone sovereign-debt crisis raged. Fast forward to today, and the big news is that Belgians are not French. Expect, soon enough, to hear that Italians are not Belgian. With all eyes currently on France, on the violence, the protests, and the rising possibility of a genuine financial crisis, the key question now is how such a crisis might spread.
How the next eurozone crisis happens
French collapse is contagious
