France is in the grip of social breakdown, with financial chaos looming. The urgent question now is: could it spread? A leading expert on Europe and its discontents, Wolfgang Münchau explores how the next debt crisis might start — and how it could both destroy the eurozone and scar Britain’s economy. “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.
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