Why the euro is destined to crack up

In the boom times, the eurozone could ignore the structural problems that came from artificially uniting some very different economies. But now things aren't so rosy, the inherent flaws in the single currency are exposed for all to see, says John Stepek. Here, he explains why Europe's debt crises could tear the euro apart.

Credit ratings agency Standard & Poor's is really putting the boot into Europe.

Fresh from spooking investors with downgrades of Greece and Portugal, the agency decided to have a jab at Spain yesterday too.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.