Tags: El-Erian | Risk | Euro | Breakup

Pimco's El-Erian: Risk of Euro Breakup Lowered, Not Eliminated

Thursday, 27 Oct 2011 12:10 PM

Pacific Investment Management Co. Chief Executive Mohamed El-Erian said that today’s European Union accord has lowered, though not eliminated, the risk of the breakup of the euro.

“This is a very important step, but it needs to be followed up,” El-Erian told a conference in Paris.

“The problem for Europe is how to engage new capital. If you don’t attract new capital, interest rates will not come down, then the debt issue becomes deeper.”

“Concrete steps to promote growth and employment in eurozone” are also needed, he said.

“If the eurozone doesn’t grow robustly it will be difficult to overcome the sovereign debt issues and difficult to addres bank fragility issues.”

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Pacific Investment Management Co. Chief Executive Mohamed El-Erian said that today s European Union accord has lowered, though not eliminated, the risk of the breakup of the euro. This is a very important step, but it needs to be followed up, El-Erian told a conference in...
El-Erian,Risk,Euro,Breakup
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2011-10-27
Thursday, 27 Oct 2011 12:10 PM
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