Many believe Spain doesn't deserve bailout: Roubini

The European Central Bank (ECB) President Mario Draghi said the central bank would buy bonds with maturities of up to three years if countries which need help agree to the stated conditions.

But Nouriel Roubini believes ECB's OMT programme is just a "time buyer". Speaking to CNBC, Roubini says many countries within the ECB believe that Spain does not deserve a bailout. "The biggest risk is if Sapin can acheive targets of the MoU". He also said no limit has been set on the size of ECB sovereign bond buys. Although euro gained in the last few weeks anticipating positive moves in the ECB meet, the single currency now lags major global currencies. Also read: Draghi plans to buy time to solve eurozone issues, says RBS