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With interest rates on its sovereign debt surging well above seven per cent, there is a rising risk that Italy may soon lose market access.”

Nouriel Roubini predicts gloomy future for Italy and the Eurozone:

The eurozone can survive with the debt restructuring and exit of a small country such as Greece or Portugal. But if Italy and/or Spain were to restructure and exit this would effectively be a break-up of the currency union. Unfortunately this slow-motion train wreck is now increasingly likely.”

Via blogs.ft.com

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