The Euro's Next Existential Crisis

For once, it isn't Greece that threatens to spark a crisis. It's Portugal.

The last thing the euro needs is more fireworks.

Photographer: IAN WALDIE

The euro's future still looks far from secure. The European Central Bank is defending its independence amid an attack on its negative interest-rate policies by Germany. European Commission President Jean-Claude Juncker admitted last week that "the European project has lost parts of its attractiveness." Greece is still wrangling over the terms of its next bailout payment. And at the end of this week, a geeky decision in a corner of the bond market could send the bloc back into crisis mode.

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