The CEO of PIMCO says that Greece must be bailed out at something like a zero interest rate or it must restructure its debt. Yesterday, Bill Gross, his partner, said Greece will restructure in the next 12-18 months.
El-Erain also sees the euro zone becoming a smaller club over time, with deficit countries kicked to the curb.
Hard to imagine but the very survival of the euro is being openly questioned by the smart set…
US equities are on their lows and USD/JPY is falling right along with them, dumping to the 91.85 level. Unreal…
EUR/USD is holding up at the moment; I haven’t a clue why…