The European recession is getting worse. There's fiscal austerity that, in the short run, makes the recession worse. Second, the value of the euro is too strong for the countries on the periphery that have lost competitiveness. Third, you have a credit crunch because the periphery banks don't have enough capital, and they will be forced to cut credit. Fourth, you have the effects of high oil prices, and Europe depends 100 percent on oil imports. - in USA Today
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Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics.