Nouriel Roubini fears Eurozone's problems with insolvent or nearly-insolvent countries in it, may not just be liquidity but also the huge debts in the private sector & banks.
Backstopping of the financial systems by governments has made them near-insolvent – so the provision of liquidity might not be sufficient. Eventually, there might be forced restructuring of public debt for Greece & Ireland.
Problems are spreading to Portugal, & possibly Spain, and perhaps to other parts of eurozone.
Competitiveness is another problem.
Furthermore, there is restoring of large stocks of public debt and also private liabilities owned by organisations.
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