The new threat to the euro – disintegrating nations

Up until now, the biggest threats to the continued existence of the euro have come from individual countries. In June, Greece nearly elected the anti-austerity Syriza. A few weeks ago, some people thought that Germany might be prevented, by the courts, from taking part in the fund designed to bail out Spain and Italy. These threats haven’t gone away, of course. Recent protests in Athens and Madrid show that both the Greeks and the Spanish are sick of austerity. Meanwhile, there are rumours that Berlin might take a much harder line on bail-outs once the US presidential election is out of the way. But now an even greater fiscal threat is emerging – the danger that individual countries themselves may splinter as regions call for independence. How much of a threat is this to the euro? And can you take advantage of it?