Nov. 14 (Bloomberg) -- BlackRock Inc., the world’s biggest asset manager, urged European policymakers to restructure debt in Greece, Ireland and Portugal with resulting markdowns of 75 percent to 80 percent.
BlackRock said policymakers in Europe need to take four actions to end the sovereign-debt crisis, including taking private creditor writedowns as part of a debt restructuring, according to a note published by the New York-based firm’s investment institute. BlackRock also said the European Central Bank should buy more bonds and that policymakers should provide more details on the rescue fund and implement fiscal discipline without hurting growth, according to the note.
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