John Greenwood, chief economist of asset manager Invesco: "Another bailout is just around the corner."

The euro zone crisis is going into its fifth year and seems to be waxing rather than waning. Spain was recently in the crosshairs of investors, and Italy may soon become a victim too. Nonetheless, John Greenwood, chief economist of asset manager Invesco, does not believe there will be a full collapse of the monetary union. “I don’t think there will be a complete breakup,” he says, “but the exit of one or more countries could well happen over the next? two or three years.” He points to Greece and Portugal as two candidates very likely to withdraw from the common currency. “In both cases, the economies are in severe recession, meaning that their debt-to-GDP ratios are deteriorating even if they don’t issue anymore debt.”

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