Roubini : The Recession will become a Depression

Nouriel Roubini : "It's not just a slowdown...The recession will become a depression. Output has fallen from the peak 15% in Greece. The same thing in Spain...This could become like Japan, but worse. Japan did not have a sovereign debt crisis because it was a net creditor country. But all of these countries are net debtors. They would be lucky to end up in stagnation like Japan. It's getting worse, there's already a sovereign debt crisis, a banking crisis, a balance of payment crisis, an economic crisis and all of those things together are getting worse."