The eurozone crisis narrative is based on the idea of good creditors and bad debtors. The idea is simple. It is also dangerously wrong. Spanish yields are high, apparently, because Spain finds itself in a poor fiscal and banking position whereas German yields are remarkably low because the Germans have delivered the right reforms. It follows, therefore, that other countries in the eurozone should become more Germanic. Continue reading »
© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.