Never mind the break-up of the eurozone, Europe could witness the dissolution of a nation state before this financial crisis is done. Despite the best efforts of Greece, Ireland, Portugal and Spain the poster child of Europe’s sovereign debt crisis might well become Belgium.
At first glance Belgium’s plight does not seem too worrying. It has a current account surplus, low household debt and a high savings rate. Its budget deficit of 4.6% of GDP is much lower than France’s, never mind Portugal or Greece, and unlike Spain and Ireland it is not suffering from a real estate bust.
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