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.