Roubini sceptical on Eurozone debt

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Known as Doctor Doom because he correctly identified the imbalances that led to the credit crunch, Nouriel Roubini appears to be unimpressed with attempts to solve the emerging sovereign debt crisis in the Eurozone. Over at RGE monitor he warns –

A Modern Greek Tragedy May Soon Turn Into a Broader PIIGS Disaster

These issues within the eurozone stem primarily from a loss of competiveness, high wage growth and labor costs which outstripped productivity, undisciplined fiscal policies and, crucially, the appreciation of the euro between 2002 and 2008. Current EU/IMF plans to rescue the worst placed of these countries—Greece—have drawn well-placed skepticism from markets as they fail to deal with core issues of debt sustainability

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