Could there be a financial crisis in the euro zone?

The financial situation of some euro-zone countries may be worrying: high fiscal deficits and public debt, sluggish growth, significant need for additional public spending, in some cases large external deficits, all in a context of rising long-term interest rates. But there may be two different crisis configurations: A public debt crisis, for countries that no longer ensure public debt sustainability (excessive fiscal deficit, weak growth, rising interest rates); the most worrying situations are then those of Italy and Greece; A balance of payments (external debt) crisis, for countries that no longer ensure their external solvency (excessive external deficit, soaring external debt); the most worrying situation is then that of France.