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Wednesday, May 30, 2012

Roubini : The Greek Euro tragedy is reaching its final act

Nouriel Roubini : THE Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the euro zone. Postponing the exit until after next month’s election with a new government committed to a variant of the same failed policies will not restore growth and competitiveness. Greece is stuck in a vicious cycle of insolvency, lost competitiveness, external deficits and ever-deepening depression. The only way to stop it is to begin an orderly default and exit, co-ordinated and financed by the European Central Bank (ECB), the European Union, and the International Monetary Fund (the Troika), that minimises collateral damage to Greece and the rest of the euro zone. - in businessday.co.za
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Nouriel Roubini nicknamed Dr. Doom and lately Dr. Realist by CNBC , is a professor of economics at the Stern School of Business, New York University and chairman of RGE Roubini Global Economics, an economic consultancy firm . Prof. Nouriel Roubini A world-class economist who offers an unflinching look at the global meltdown and distinctive insights into its course going forward. His research on financial crisis in emerging economics has yielded a unique and now vindicated approach to future collapses. Roubini speaks on the global economic outlook and its implications for the financial markets. From his analysis of past collapses of emerging economies, he has identified common factors that support his predictions of crisis in the US and world markets. He has held several high-level advisory positions in the US government and international finance organisations, published numerous policy papers and books on key international macro-economic issues and is regularly cited as an authority in