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El-Erian: "Europe Is One or Two Rounds of Sanctions From Recession"; El-Erian Far...

• http://globaleconomicanalysis.blogspot.com

In a speech on BRICs at the Peterson International Institute of Economics former PIMCO co-head El-Erian made the claim Europe Is One or Two Rounds of Sanctions From Recession.


The West, and Europe in particular, is one or two rounds of sanctions and counter-sanctions away from entering into a new recession, chairman of President Barack Obama's Global Development Council Mohamed El-Erian stated Monday.

"We are one or two rounds of sanctions and counter-sanctions away from the European politics over the Ukraine tipping Europe into a recession," El-Erian said in a speech on the BRICS economies at the Peterson International Institute of Economics.

He noted that the impact of level three sectoral sanctions against Russia is "taking the West into a recession through sanctions to the energy sector."

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