Greece Is Tip of Sovereign Debt Iceberg |
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| Authors: | NOURIEL ROUBINI |
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| Institution: | Professor of economics at New York University and chairman of Roubini Global Economics, has come to be popularly known as “Dr. Doom” for having predicted the recent financial crisis. He is author of Crisis Economics: A Crash Course in the Future of Finance. His comments here are adapted from remarks at the Milken Global Conference in Beverly Hills, California, in April. |
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| Abstract: | The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments. |
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