Roubini: Europe Turmoil 'Slow Motion Train Wreck'
Nouriel Roubini, the economist who predicted the credit crisis, has shored up his reputation as a prophet of gloom, saying the political turmoil in Europe resembles a "slow motion train wreck".
Greece to leave the euro zone by next year and will be following by another one or two members, triggering eventually the single currency bloc breakup, Nouriel Roubini, the founder of Roubini Global Economics, told CNBC.
"Europe will be lucky if it ends up in stagnation like Japan for the next ten years," he added.
Experts have warned that Greece faces anew the risk of default and exit from the euro zone after voters rejected austerity and the terms of the country's bailout from the European Union and International Monetary Fund.
Fitch Ratings agency recently also warned of the rising risk of a Greek euro-zone exit, adding that in this case all euro-zone sovereign ratings would be placed on watch for downgrade, with Cyprus, Ireland, Italy, Portugal, and Spain most likely to be downgraded.
- » President Erdogan Warns Russia Not to ‘Lose Friend Like Turkey’
- » Gazprom Cuts in Half Turkish Stream’s Planned Capacity
- » Presidents of Bulgaria, Albania Discuss Energy, Transport Links
- » Turkey Claims Second Russian Fighter Aircraft Violated Its Airspace
- » NATO Condemns Russian Violations of Turkish Airspace
- » NATO to Discuss Violation of Turkish Airspace by Russian Fighter Jet