On Europe’s coming fiscal reckoning
Although the unrest in France is unlikely to grow into another French Revolution, it could in retrospect prove to be a pivotal moment in triggering the next eurozone debt crisis. French bond yields have risen sharply in the middle of a global bond selloff, and the difference between French and German yields are now greater than at any point since the early 2010s. Other eurozone countries, largely untouched by the crisis 15 years ago, are now also in the danger zone. One thing is clear: Another eurozone debt crisis would not look like the first one.
The eurozone crisis of the ...
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