Belgium's survival at stake

Belgium's political drama has largely sailed under investor radar screens. But this fractious country of 10.8 million known for its Flemish painters, waffles, French fries and beer, potentially faces a profound political crisis that could see an end to the unified state, something which has substantial implications for the management of its debt. It tends to be forgotten, but Belgium has one of the higher levels of debt to gross domestic product in the EU with French banks having the largest exposure.

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