Harvard’s Rogoff Sees Sovereign Defaults, ‘Painful’ Austerity

Feb. 24 (Bloomberg) -- Ballooning debt is likely to force several countries to default and the U.S. to cut spending, according to Harvard University Professor Kenneth Rogoff, who in 2008 predicted the failure of big American banks.


Harvard University professor and former IMF chief economist Kenneth Rogoff sees U.S. interest rates going higher, and thinks it will send "shockwaves" through global markets. He also thinks we'll see a period of "very painful" tax increases and spending cuts in the U.S.




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