El-Erian: European Debt Crisis 'Slow-Motion Wreck'
More European countries will need bailouts until policy makers address the underlying causes of their financial problems, which include too much government debt and not enough spending controls, Pimco's Mohamed El-Erian told CNBC.
The CEO of the world's largest bond manager said balance sheet issues will cause Europe to be "a slow-motion wreck" that will cause crises in "Ireland, then Portugal, then Spain, then Belgium, then Italy."
Posted on December 1, 2010
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