Germany is caught between a rock and a hard place. If she rides to the rescue of her neighbours, she will undermine her own credit standing. If she chooses not to, the euro-zone will probably collapse...

Greece is on the cusp of a sovereign default that could still be either “orderly” or “disorderly”. An orderly default would cause less upheaval in the markets, but any respite would probably be...

The yields on government bonds issued by France, Austria, Belgium and the Netherlands have risen sharply in recent weeks in a worrying sign that the euro-zone’s debt crisis is starting to rot its...

Details have begun to emerge of the revised debt exchange proposed for Greece. The good news is that a larger haircut will make her debt more manageable, all else equal. The bad news is that all else...