Bloomberg News: Roubini Says Fiscal Compact Will Deepen Euro Area Recession

Nouriel Roubini, co-founder of Roubini Global Economics LLC, said the fis­cal com­pact will deepen the euro area reces­sion next year, even as coun­tries such Germany and Austria will be obli­ged to cut deficits.

“Next year we are also going to have aus­te­rity in the core of the euro area because the newly agreed fis­cal com­pact says that even Germany, Netherlands, Belgium, Finland and Austria have to cut their defi­cits,” Roubini told repor­ters at a con­fe­rence today in Berlin orga­ni­zed by IG Metall, Germany’s big­gest trade union.


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