Nouriel Roubini : I'M WORRIED ABOUT SPAIN, BUT AS I SAY, IT'S GOING TO BE SLOW MOTION. BY THE END OF THE YEAR, SPAIN IS GOING TO LOSE MARKET ACCESS AND ARE GOING TO REQUIRE A BAILOUT IS GOING KEEP THEM OUT OF THE MARKETS FOR A YEAR OR TWO. THAT'S NOT GOING TO WORK OUT. MAYBE THREE YEARS DOWN THE LINE, THEN THE COURSE OF RECONSTRUCTION OF THE DEBT. THAT IS WITH THE DEBT PROBLEM, RESTORE ITS COMPETITIVENESS AND EVENTUALLY EVEN SPAIN COULD EXIT THE EUROZONE. IT'S NOT SOMETHING THAT'S GOING TO HAPPEN IN 12 MONTHS. THAT'S WHY I THINK OF IT AS BEING A SLOW MOTION PROCESS TO UNRAVEL OVER THE NEXT FEW YEARS. - in CNBC interview
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