Nouriel Roubini, the New York University economist who predicted the financial crisis, said the euro region’s debt turmoil is one of the biggest risks facing the global economy.

“In the eurozone, it’s not just sovereign risks but also the risk of further trouble,” said Roubini at the World Economic Forum in Davos, Switzerland.

“ Private debts are also high, we have low competitiveness, low economic growth, outright contractions” in some countries. “So what’s happening in the eurozone is one of the biggest risks to the global economy.”