There are huge debt problems brewing in Europe, while the U.S. is facing the prospect of more job losses before the employment landscape shifts, Harvard economics professor Kenneth Rogoff said Thursday.
“If you took away the props of the (European Central Bank) and the (International Monetary Fund) half a dozen countries in Europe would fail tomorrow,” Rogoff told CNBC on the sidelines in Davos.
There’s no way that, following the banking crisis, that the next 10 years will go by without a sovereign debt crisis, he added.
On the second day of Davos there atmosphere relaxes some. There’s a kind of adjustment that takes place and the VIP mentality wears off a bit as attendees meet each other to discuss the morning news.
The working day draws to a close at the World Economic Forum. That is, if you believe most of the work is done at the Congress Center and in the sessions and not in the bars and hotels at night.
There's no shortage of items on the agenda here at the World Economic Forum: Haiti, the gender gap, cap and trade, rebuilding long-term economic growth.
One of the busiest early sessions on WEF’s opening day, the CNBC debate “Back to the Future: The Next Global Crisis”, had big names on the panel and the audience.
Davos is hot.
I mean figuratively, of course. Literally it's below zero here. But Davos isn't the hottest show around. At least, not anymore.
Are we concentrating too much on sovereign debt concerns? Not according to Noriel Roubini, who can still live up to his pessimistic reputation.
There was no sign that Wednesday was different from any other day in Davos at 5 am on the Promenade – the main drag of the ski resort town.
With 2500 representatives from dozens of nations, the World Economic Forum is truly a global event.