Roubini: Increased Risk For Double-Dip Recession In Euro Zone

Famed analyst Nouriel Roubini, also known as "Dr. Doom" for effectively predicting the fall of the housing market, stated today that the euro zone is at increased risk for a feared double-dip recession, mainly due to the inevitability of debt restructuring for Greece. Roubini framed his comments in light of Moody's downgrading Greek's credit rating to junk status earlier today, and stated that austerity programs would raise the risk of a recession in the euro zone to greater than 50%. Roubini further clarified by expressing his belief that Spain's situation is "even worse", citing an extremely high unemployment rate of 20% compared to Greece's lower 10% rate. Other analysts agree with Roubini's assessments regarding Spain, and also predict that Greece will default, possibly as soon as this August.