France is not Greece. That is the problem – and Berlin should reread its advice to Athens

In 2012, Greece paid close to 40% for ten-year money. Today it borrows more cheaply than France, and French government debt is riskier than a large slice of the country's own company bonds. Yet the spread over Bunds is still below its euro-crisis peak, and nobody is pricing a break-up. So is the market calm – or is it simply measuring the wrong thing?

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