Spain, Italy at Risk of Losing Market Access- N. Roubini

  July 4 (Bloomberg) -- Spain and Italy run a “significantrisk” of losing market access if they don’t implement austerity measures, Nouriel Roubini, co-founder of Roubini GlobalEconomics LLC, told Bloomberg Haberturk television.     “Regardless of what happens in Greece, these countries must do the right thing or they’ll lose market access,” Roubini said in an interview at the Aspen Ideas Festival in Aspen,Colorado.     Spain is “too big to fail” and “too big to be bailedout,” he said.      Most of the Eurozone is still contracting like theperiphery and the European Central Bank is making a mistake by raising interest rates “too much, fast, too soon,” he said.     High interest rates will make the Euro stronger, growth slower, competitiveness worse and will create more fiscal costs and banking problems in the Euro zone, he said.     Global growth in the second half of the year will be so weak it will “feel like recession” even if it technically isn’t, he said.