U.S. Economist Stephen Guilfoyle spoke with IBTimes TV about the Eurozone Recession and Looming "fiscal cliff." The Eurozone slipped back into recession, the second since the financial crisis in 2009.
The European Union’s statistics office announced Thursday that GDP in the 17-nation bloc slipped 0.1 percent in the third quarter after a 0.2 percent decline in the previous three months.
Concerns over whether the Greek government can avoid a default and if Spain can ask for a formal bailout, as well as the U.S "fiscal cliff," has hit business and investor confidence.
U.S. stocks fell more than 1 percent on Wednesday after President Obama reiterated his call for the wealthy to pay higher taxes.
Both Republicans and Democrats want to keep low income tax rates for middle-income and low-income households, but Democrats say the wealthiest 2 percent should pay the higher tax rates that were in place during the 1990s.
However, Speaker of the House John Boehner said last week that allowing taxes on the top 2 percent of earners to rise will end up destroying jobs.