It's not just Europe. Up until a few weeks ago, the United States was still expected that it wouldn't be too affected by market troubles in Europe, but unemployment data and business sales figures suggest that the US will re-enter a recession.
There are worries about slowing growth in China (today its GDP figures will be published) and data from India is not promising. Brazil and Korea lowered their interest rates in order to avoid a possible stall to their economies, and the Oracle from Omaha, Warren Buffet, predicted that Europe will not recover for another ten years.
For Roubini, the perfect storm just started. The summer will be a critical time, becuase it will define what happens for the rest of the fiscal year, and declining stock markets across the globe indicate rising fears of widespread recession.
