Pimco Says EU Nations May Default, Restructure Debt
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Some high-deficit nations in the euro area will probably need to reorganize or default on their debt, said Andrew Bosomworth, a Munich-based fund manager at Pacific Investment Management Co.
Senior creditors or bondholders, who are first in line to be compensated in a case of default, should also share a burden, Bosomworth suggested. Asked whether it’s likely some nations will need to default or restructure their debt, Bosomworth replied: “I think it is.”