Roubini Says Europe Lacks Resources to Bail Out Larger Nations
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Europe lacks resources to bailout nations such as Portugal and Spain should the region’s debt woes worsen, said Nouriel Roubini, the New York University professor who predicted the global financial crisis.
“The contagion to Portugal has already occurred,” Roubini said in an interview to Bloomberg UTV in New Delhi today. “If contagion were to become even more severe than it has already been, in places like Spain, then you have trouble because the current envelope of official resources isn’t sufficient to bail out Spain after smaller ones.”