Roubini On Europe: Austerity Measures Won't Pass, And Markets Will Be Punished (WATCH)

Source: Greg White

• 0:30 The problem of a the eurozone crisis has been contained by the bailout, but they must make cuts or it could expand; markets will remain volatile in the interim.

• 1:25 Markets are asking whether Greece can politically follow through on austerity.

• 2:30 UK, UK, and Japan all have similar sovereign debt crises, and the result could be inflation in the long run.

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From Project Syndicate

Nouriel Roubini's Excellent Definition Of A Financial Crisis:

• "Indeed, a practical definition of a financial crisis is an event that forces policy officials to spend a long weekend trying desperately to announce a new bailout package in order to avoid national and global panic before the markets open on Monday."

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Nouriel Roubini's Excellent Definition Of A 'Financial Crisis'

Indeed, a practical definition of a financial crisis
is an event that forces policy officials to spend a long weekend trying desperately to announce a new bailout package in order to avoid national and global panic before the markets open on Monday.

Read more: http://www.businessinsider.com/nouriel-roubinis-awesome-definition-of-a-financial-crisis-2010-5#ixzz0oSN8Gf7M

[DailyBail]

http://www.project-syndicate.org/commentary/roubini25/English


Return to the Abyss
Nouriel Roubini

[john]

Insight: Facing austerity, Europe's bureaucrats chafe

http://www.reuters.com/article/2012/11/18/us-europe-budget-pay-idUSBRE8AH03H20121118

[snip]

Workers protesting austerity on the streets of southern Europe weren't to know it, but earlier this month there was also a strike at the heart of the European Union - by bureaucrats fighting possible cuts.

For an increasing number of Europeans, cuts in Brussels are what is needed.

The European capital has told member states to reduce spending, but as millions in Spain, Portugal and Greece feel the pain in pay, pensions, and social services, people are looking to the centre and finding what looks like fat.

Britain has led the way. Newspapers there have for decades carped at cosy 'eurocrats', as they call Europe's civil servants. Prime Minister David Cameron need only mention the EU and generous spending to produce a sea of nods and chants of "hear, hear!" around parliament.

"We can't have European spending going up and up and up when we're having to make difficult decisions in so many different areas," Cameron told reporters at the last summit of EU leaders in October, going on to express his frustration at the salaries of civil servants in Brussels.