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Euro Crisis Threatens World Growth

OECD cites risk of vicious cycle that spills over to countries outside of euro region.

By Mark Deen and Jeff Black, Bloomberg | Updated on May 22, 2012

The Organization for Economic Cooperation and Development said Europe’s debt crisis risks spiraling and seriously damaging the world economy.

“The risk is increasing of a vicious circle, involving high and rising sovereign indebtedness, weak banking systems, excessive fiscal consolidation and lower growth,” OECD Chief Economist Pier Carlo Padoan wrote in the organization’s semi-annual report on the global economy. Such a downside scenario “may materialize and spill over outside the euro area with very serious consequences for the global economy,” he said.

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