Wednesday, June 27, 2012

Dr Doom: Europe heading for depression

According to fundweb economist Nouriel Roubini has claimed the recession in Europe could turn into a depression after highlighting falling output levels and high unemployment figures.  In an interview with Bloomberg TV, Roubini - dubbed “Dr Doom” for his bearish economic outlooks - said output had fallen from peak levels, noting high unemployment in Greece and Spain.

He says: “This could become like Japan, but worse: Japan did not have a sovereign debt crisis because it was a net creditor country, but all these [European] countries are net debtors., so they would be lucky to end up in the stagnation, multi-decade like Japan.

“It’s getting worse there is already a sovereign debt crisis, a banking crisis, there is a balance of payment crisis, an economic crisis and all of those things together are getting worse….”

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