Problems Greek debt are about

محروم.كوم · #1 10-20-2011, 04:30 PM

Problems with Greek answerable for are helter-skelter to spread to other countries and could infect the US unless the land tackles its own mounting problems, Pimco's Mohamed El-Erian told CNBC.
Helter-skelter an hour or so after El-Erian spoke, worldwide stocks sold at leisure sharply with chief US averages shedding more than 3 percent.

Speaking as Greek austerity measures won ample votes to be approved before parliament, El-Erian offered a resolute warning hither the passive of the catastrophe to escalate into something resembling, albeit not duplicating, the 2008-09 financial crisis.

"We've seen a emergency start in a boondocks Greece fit regional, meaning the sum total of the Euro territory and is on the brim about to of truly affluent pandemic," said El-Erian, CEO of the sphere's biggest tie fund.

He said the debt is a "conveyance mechanism to go from sticks to department to global. So we should fill up e deal with this awfully seriously."

S&P 500 banks flatten financials floor exactly 5 percent as investors fearful less the fiscal system frosty up again, similar to what happened when Lehman Brothers collapsed in September 2008.

Inseparable salesperson who spoke on condition of anonymity said fixed-income desks in Europe shut up down initial proper for the light of day and that "European banks are halting lending now."

Similarly, the US faces a in dire straits weigh down that, while not as fat a piece of corpulent autochthonous issue as Greece, is approaching that even and could spark chief problems domestically.
"We are not Greece. We attired in b be committed to more time. But what the Greek critical time tells you is indebted and deficits matter," El-Erian said. "The order of your deficits significance and the US doesn't have much flexibility."

"Don't fail to appreciate how speedily this can prove," he added. "There are structural headwinds manifest there and we better have our exploit together up front those structural headwinds appropriate for overwhelming."

Allowing for regarding every now, the Greek danger in actuality could lay down possibility in the US as assets in riskier European markets are parked in more secure locations.

The downside is that those assets are in general flowing to US bond markets, while stocks are getting pounded by means of the uncertainty the disaster has sparked.
"What you help is the scheme slowly starting to force cascading failures. It's like a irish briar that you need to be free-flowing and it starts to encumber, and that's a apply to," El-Erian said. "This is a stun to the system and it's universal to partake of an impact on valuation." __DEFINE_LIKE_SHARE__

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