01/19/2011 05:12 am ET Updated May 25, 2011

Nouriel Roubini Warns Of A Domino Debt Collapse In Europe

But the nub of the crisis is this: "We have decided to socialize the private losses of the banking system. Now you have a huge increase in public debt--going from 7 percent to 100 percent of GDP. Soon it will be 120 percent."

And, turning more broadly to the rest of Europe, "Greece is already at 120 percent."

Read more on CNBC