Fractious Europe

If you thought that the “resolution” of the Greek bailout crisis in the summer would give the EU project breathing space, you’d be wrong. Recent general elections in Portugal, Poland and Croatia show that populism and centrifugal forces for fracturing within the EU remain strong. The Catalan secession issue, elections in Spain and the referendum on UK membership of the EU will generate yet more uncertainty. We remain short the euro against the dollar, with parity in sight.

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