US Economist Kenneth Rogoff 'Some European Countries Are Fundamentally Bankrupt'

Fears of a double-dip recession are growing following turmoil on the stock markets and Standard & Poor's downgrade of the US. In a SPIEGEL interview, Harvard economist Kenneth Rogoff criticizes President Obama for giving in to the Tea Party in the debt-ceiling negotiations and argues that the euro zone has to become a transfer union.
Shares on the Australia Stock Exchange, shown here, and Asian markets fell on Monday in reaction to Standard & Poor's downgrading of the US's credit rating.

Shares on the Australia Stock Exchange, shown here, and Asian markets fell on Monday in reaction to Standard & Poor's downgrading of the US's credit rating.

Foto: Rick Rycroft/ AP
Interview conducted by Gregor Peter Schmitz and Thomas Schulz