World economy to be hit by several sovereign defaults, Ken Rogoff warns

Published: 7:47AM GMT twenty-three February 2010

Ken Rogoff, highbrow of open process and economics at Harvard University

After promissory note crises, "we customarily see a garland of emperor defaults, contend in a couple of years. I envision we will again," Mr Rogoff, right away a highbrow at Harvard University, pronounced in Tokyo on Tuesday.

"Its very, really tough to call the timing, but it will happen," Rogoff told an assembly in the Japanese capital. Many countries opposite the universe will be forced to cut their spending once investors direct higher seductiveness rates to lend money, he said.

Greece will be begin emperor default domino outcome Europe"s monetary kinship has turn an instrument of deflation woe Germany growls as Greece balks at offering The tellurian downturn is not over yet, notwithstanding a little immature shoots The collateral well is using dry and a little economies will swab Budget 2009: Growing, growing, gone?

The awaiting of a nation delinquent on the debts has prolonged been seen as one of the biggest risks to the tellurian economy this year, with fears now centered on Greece. As seductiveness rates rise, Greece and Portugal will "have a lot of troubles," according to Rogoff.

"In abounding countries - Germany, the United States and may be Japan - we are going to see delayed growth. They will tie their belts when the complaint hits with seductiveness rates. They will understanding with it."

Mr Rogoff is the co-author with Carmen M. Reinhart of "This Time Is Different," that charts the story of monetary crises in 66 countries.