Greece, Ireland and Portugal should leave Europe’s single currency area if they cannot cope with the burden of their debts. The German daily Die Welt quotes Pimco’s head of portfolio management, Andrew Bosonworth as saying this Monday, according to Dow Jones Newswires.
“Greece, Ireland and Portugal won’t get back on their feet without either their own currency or high transfer payments,” Bosomworth said in an interview in Munich.
He stated that there is no evidence of a resumption of economic growth. “I’m not assuming that growth will return, the way that the International Monetary Fund and EU expect,” he added.
The decisions taken at last week’s European Union summit meeting hadn’t fixed the solvency problems facing some euro-zone states, Bosomworth told the German newspaper.
“Politicians can’t just close their eyes any more to the possibility of a default inside the EU,” Bosomworth concluded.
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