Tuesday, October 11, 2011

Roubini : Double dip recession will happen

The world's advanced economies are headed for a second recession, regardless of whether there is further chaos in Europe,
The question is not whether or if there is going to be a double dip, but whether it's going to be mild or severe with another financial crisis,". "The answer on that depends on the euro zone."

"You need an EFSF that is four times as large as the 440 (billion euros) to make sure that a bad equilibrium, and a self-fulfilling run on Italy and Spain doesn't occur," "There's no plan for that, because politically even the first EFSF has not yet been approved, let alone to triple it or quadruple it." Famed economist Nouriel Roubini chairman of RGB Roubini Global Economics,told CNBC on Tuesday on the sidelines of the World Knowledge Forum in Seoul - in CNBC

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