Monday, October 25, 2010

Roubini : Greece will default

The Greek government will not be able to avoid restructuring its debt despite its ongoing austerity drive, eminent American economist Nouriel Roubini has told Kathimerini.

“If you don’t want to call it default or bankruptcy, call it a restructuring under pressure, but it’s going to happen,” said the New York University professor in an interview published in yesterday’s Kathimerini.

Roubini, who has been dubbed “Dr Doom” for his pessimistic economic outlook, has described Greece as “the Lehman Brothers of Europe” – a reference to the US investment bank whose collapse in 2008 triggered turmoil across the global financial markets.
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