Worst of the eurozone crisis is not over yet

Greece will have to have some of its debt written down - and the same goes for Ireland, writes Megan Greene.

Greek rioters throw petrol bombs at police during a union protest in Athens last week. Photo: Getty

All is relatively quiet in the eurozone these days - or at least that is what you might think, speaking to portfolio managers over the past few months. German chancellor Angela Merkel has visited Greece, Ireland has re-entered the bond markets and the ECB's balance sheet is in play for Spain and Italy, so what is there to worry about?

Plenty. While the most disastrous possible risk - a complete, disorderly disintegration of ...