Wednesday, July 13, 2011

Roubini: Greece is Doomed

From Nouriel Robini's new paper, High Time for an Orderly and Market-Oriented but Coercive Restructuring of Greece's Debt:
Even if Greece were to fully implement the draconian 10%-of-GDP fiscal adjustment program imposed by the IMF and EU, there is no likely scenario in which public debt sustainability could be restored without a restructuring.
As I have said many times before, Roubini, Mr. Connected, doesn't come out with statements like this, unless insiders are talking Greek default. It sounds like a bankster stick handled default is not far away for Greece.

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