Roubini: Europe Turmoil 'Slow Motion Train Wreck'

World | May 9, 2012, Wednesday // 13:13| Views: | Comments: 0
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Bulgaria: Roubini: Europe Turmoil 'Slow Motion Train Wreck' US economist Nouriel Roubini looks on during the pre-CHOGM opening of the business forum held at the Burswood Complex in Perth, Australia, 25 October 2011. Photo by EPA/BGNES

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.

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