Thursday, February 11, 2010

Nouriel Roubini : Greece problems are only The tip of the iceberg

Roubini Greece Bailout is a step in the right direction

Nouriel Roubini thinks that the Greece bailout by the European Union is a step in the right direction althout he would have preferred for Greece to go through a formal IMF structural Program . Roubini also believes that the Greece problems are only the tip of a bigger iceberg , the rest of the PIIGS countries are not in a better shape than Greece , Portugal and its neighbor Spain may soon come to Brussels to ask for their bailouts too following Greece footsteps
"It is a step in the right direction even if my favored choice for Greece is to get a formal IMF program," Nouriel Roubini said
"IMF lending is based on conditionality of achieving certain fiscal and structural goals. In the case of loan guarantees, it's very hard to make those loan guarantees conditional...you either give them—or don't give them." Roubini added ...
Source CNBC

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Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.

NOURIEL ROUBINI BLOG

Thursday, February 11, 2010

Nouriel Roubini : Greece problems are only The tip of the iceberg

Roubini Greece Bailout is a step in the right direction

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NOURIEL ROUBINI BLOG