Roubini: Second Stage of Financial Crisis is Here; U.K. Coalition to be Tested

More bleak news today. After Meredith Whitney, today it was Roubini's turn. In an interview with BBC he says that “What we’re facing right now in the eurozone is a second stage of a typical financial crisis.”

He adds that "questions remain about whether governments are strong enough to implement the austerity measures required",

There is “significant economic and financial trouble in the eurozone,” “Today” program. The recent riots in Greece in response to fiscal cuts have fueled doubts about some European governments’ ability to solve these problems".

“There’s a question mark whether we can be confident the government is going to be strong enough to do the fiscal austerity,” “If these packages of austerity are going to be implemented markets are going to stabilize.”

On the U.K.’s new Conservative-Liberal Democrat coalition government: “We’ll see when things are going to have to happen, when the tough decision is going to have to be made on revenues, on spending, whether that coalition is going to remain strong or not,”.