EconoMonitor

Nouriel Roubini's Global EconoMonitor

Roubini Topic Archive: Germany

  • Autumn’s Known Unknowns

    During the height of the Iraq war, then-U.S. Secretary of Defense Donald Rumsfeld spoke of “known unknowns” – foreseeable risks whose realization is uncertain. Today, the global economy is facing many known unknowns, most of which stem from policy uncertainty. In the United States, three sources of policy uncertainty will come to a head this […]

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  • The Year Ahead in the Eurozone: Lower Risks, Same Problems

    Financial conditions in the eurozone have significantly improved since the summer, when eurozone risks peaked because of German policymakers’ open consideration of a Greek exit, and the sovereign spreads of Italy and Spain reached new heights. The day before European Central Bank President Mario Draghi’s famous speech in London in which he announced that the […]

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  • Berlin Is Ignoring the Lessons of the 1930s

    From the Financial Times (originally published on June 8, 2012): Is it one minute to midnight in Europe? We fear that the German government’s policy of doing “too little too late” risks a repeat of precisely the crisis of the mid-20th century that European integration was designed to avoid. We find it extraordinary that it […]

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  • Spiegel Interview with Nouriel Roubini: Europe Needs Growth to Prevent a Collapse of the Euro

    DER SPIEGEL:

    Europe, says star economist Nouriel Roubini, needs to take immediate action to shore up the euro. In an interview with SPIEGEL, Roubini said Germany must provide more money to defend the common currency and allow the European Central Bank to loosen monetary policy. Otherwise, disaster could be looming.

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  • Roubini: Eurozone Restructurings Will Leave Bondholders Facing Losses

    Government debt levels in peripheral Europe mean restructurings cannot be avoided, economist Nouriel Roubini tells Credit magazine.

    Socialising the liabilities of its most indebted member countries is not a solution to the Eurozone’s debt crisis, according to Nouriel Roubini, professor of economics at New York University and founder of consultancy Roubini Global Economics. Instead, Eurozone countries facing debt burdens they are unable to meet will need to undergo debt restructurings, forcing bondholders to incur haircuts or equity conversions, noted Roubini, former senior economist for international affairs at the White House Council of Economic Advisors.

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  • CNBC – Roubini on the Market Fall

    CNBCDiscussing the fate of the markets and the impact the Greek contagion is likely to have on the rest of the world, with Nouriel Roubini, roubini.com. (Click for Video [3:51])

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    CNBC — Investors need to be risk averse and say in cash, economist Nouriel Roubini told CNBC Thursday after riots broke out in Greece following the passage of an austerity program.

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  • The Crisis Will Spread Without a Plan B

    This piece was drawn from a more in-depth RGE Analysis: Greek Endgame: Time for ‘Plan B’
     
    From the Financial Times: 
     
    The past weekend’s spring meetings of the International Monetary Fund in Washington focused on the Greek sovereign debt crisis – the first such crisis in living memory to concern a high-income country, and in the eurozone no less. Even more telling than the shift of focus from emerging markets is the widening divide in the views of those institutions and governments leading efforts to secure an orderly resolution.

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  • Roubini on Eurozone Panel at the Milken Institute Global Conference

    Panel Discussion from the Milken Institute Global Conference: The Eurozone: Still One for All and All for One? Speakers: Bo Lundgren, Director General, Swedish National Debt Office; former Minister for Fiscal and Financial Affairs James McCaughan, CEO, Principal Global Investors Nouriel Roubini, Professor of Economics and International Business, Stern School of Business, New York University, […]

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  • The Debt Death Trap

    The Greek financial saga is the tip of an iceberg of problems of public-debt sustainability for many advanced economies, and not only the so-called PIIGS (Portugal, Italy, Ireland, Greece, and Spain). Indeed, the OECD now estimates that public debt-to-GDP ratios in advanced economies will rise to an average of around 100% of GDP. The International Monetary Fund has recently put out similar estimates.

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  • Teaching PIIGS to Fly

    Greece’s fiscal problems are, as I have argued many times, but the tip of a global iceberg. For the next installment of the recent global financial crisis will be rising sovereign risk, especially in advanced economies that run massive budget deficits and accumulate large stocks of public debt as they socialize private financial losses in order to revive economic growth.

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