Euro: nerves and helpful slip

The euro, undisputed king of the major currencies in 2009, has been slipping. Fears over Greece and other weak members of the currency zone are part of the story. But the euro’s weakness also reflects a broad dollar recovery. For the euro, an orderly retreat is welcome, a rout would not be. Greece has certainly tarnished the euro. Investors had assumed for a decade that all euro zone sovereign credits were essentially sound. Now individual country figures are again being scrutinised closely. Gre...