Dr. Doom: 50% Chance of Recession in U.S., Eurozone, U.K.

There is a 50 percent chance of a recession in the U.S., the U.K. and eurozone economies in the next 12 months, said Nouriel Roubini, co-founder and chairman of Roubini Global Economics LLC. Europe’s “financial engineering” is insufficient to end its sovereign-debt crisis, Roubini said in a speech in Jakarta today. Contagion from the debt crisis has spread to some French and Belgian banks, he said.

“Unfortunately, in my view there is a risk, at least a 50 percent probability, that in the U.S., in the eurozone, in the United Kingdom, and in most advanced economies, the future in the next 12 months might suggest a recession, a downturn, rather than reacceleration of growth,” Roubini said…

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