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.