www.nytimes.com/reuters/2011/02/05/business/business-us-fund-greek.html
PIMCO's CEO stated that Greece's debt was unsustainable and that Europe should absorb its debt to bring it to 90% of its GDP. He believes that the current rescue plan, which imposes severe fiscal austerity, would curtail growth and cause political unrest. Greece needs to grow its way out of its fiscal mess. He also said that PIMCO is not buying Irish, Portuguese or Greek debt.
He also stated that the US was exporting inflation to the rest of the world with its expansive fiscal and monetary policies. The US needs to adjust itself to a long period of slow growth and high unemployment in response to a changing word economic order. His comments echo those of many critics of US economic policy in Europe and Asia.
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