Sunday, July 10, 2011

Nouriel Roubini : Spain too big to fail & too big to be bailed out

New York University professor Nouriel Roubini discusses Spain and Italy's austerity programs,Roubini Says Spain, Italy Risk Losing Market Access he also discusses the European Central Bank policy and the outlook for the global economy. The Roubini Global Economics LLC co-founder speaks with Bloomberg TV at the Aspen Ideas Festival on July 4th 2011
Spain and Italy run a “significant risk” of losing market access if they don’t implement austerity measures, “Regardless of what happens in Greece, these countries must do the right thing or they’ll lose market access,” Roubini said , Spain is “too big to fail” and “too big to be bailed out,” he explained . “Most of the Eurozone is still contracting like the periphery,” while global growth in the second half of the year will be so weak it will “feel like recession,” Roubini added.

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