Eurozone will collapse this year, says Nouriel Roubini
Nouriel Roubini, the economist credited with having foreseen the credit crunch, has warned that the eurozone will collapse within the year – with Greece and Portugal leaving
“The eurozone is a slow-motion train wreck,” Mr Roubini said. “Countries – and not just Greece – are insolvent. I think Greece will leave the eurozone in the next 12 months, and Portugal after.”
“There is a 50pc chance that the eurozone will break up in the next three to five years. This doesn’t look like a G20 world it looks like a G-Zero world because there is no agreement on global imbalances, how to change the international monetary system, international trade, banking regulation, on all the fundamental issues.”
“In the UK there is recession, even the US is not doing great, in India there’s a slowdown and they’re worried about that. In China, exports, infrastructure investment, real estate is slowing down, so there’ll be a significant slowdown in China this year,” he concluded.