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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