Roubini Sees Euro-Area Contagion Risk in Portugal and Spain

Europe’s debt woes are at risk of spreading to Portugal and Spain, and rising budget deficits in the euro area are a concern, said Nouriel Roubini, the New York University professor who predicted the global financial crisis.

“There’s now financial contagion in Portugal, Spain and to a smaller degree even in countries like Italy, Belgium and others in the euro zone,” Roubini said in a speech to a conference in Taipei today.