Depression fears grow as Europe debt crisis deepens; Towers Watson puts the D word at the top of its fifteen extreme global risks

The almost daily indecision on how to solve Europe's debt crisis and the growing hostility between some Eurozone leaders now has some economists talking openly about a Depression.

The global pension fund advisor Towers Watson has put a Depression sparked by Europe at the top of the fifteen risks confronting the world.

The second biggest risk is catastrophic debt default by a major developed economy, a banking crisis and a breakup of the single Euro currenency.

I spoke with Towers Watson's head of global investment Roger Urwin on this morning's edition of AM.

Read the Towers Watson report which outlines the entire fifteen risks here.