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Roubini Global: EU in recession, Portugal the next Greece in 2012

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Giving the banks cash works fine for the banks, but what about everyone else? And when does everyone else see the benefits? It's time governments stop making everything about the banks and their precious lifestyle and more about the broader population. Most can accept helping the banking system but outside of banking circles, everyone is fed up with protecting the bankers. CNBC:

Europe will see a recession this year and Portugal is likely to follow in Greece’s footsteps as the country struggles with high borrowing costs, according to the Managing Director of Market Research and Strategy at Roubini Global Economics.

“We’re going to get a recession this year but it will be milder than it would have been. The European Central Bank has done an awful lot without which we’d be in a banking crisis. It has bought banks a lot of time, between 18 months to three years,” Arnab Das told CNBC.

Das works alongside Nouriel Roubini, the renowned economist dubbed Dr Doom for predicting the financial crisis of 2008.

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