Greece and the Eurozone increasingly resemble a dying animal, with vultures circling above. A double-whammy of terrible news hit on Monday, with a multi-notch downgrade of Greece’s credit rating by S&P, making it the worst in the world, and a gloomy commentary by Nouriel Roubini who warned that “the Eurozone heads for break up.”
“The muddle-through approach to the eurozone crisis has failed to resolve the fundamental problems of economic and competitiveness divergence within the Union. If this continues the euro will move toward disorderly debt workouts and eventually a break-up of the monetary union itself as some of the weaker members crash out,” stated Roubini, also known as Dr. Doom, in an op-ed for the FT.
Forbes
