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Euro Government Bonds Today’s Toxic Debt, Pimco’s Crescenzi Says

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Dec. 29 (Bloomberg) -- European government bonds with the exception of German securities are today’s “toxic debt” as the region struggles to contain fiscal turmoil, according to Pacific Investment Management Co.’s Tony Crescenzi.

The European Central Bank isn’t likely to follow the example of the Federal Reserve in purchasing government bonds to keep interest rates low, said Crescenzi, executive vice president at Newport Beach, California-based Pimco, in an interview today on Bloomberg Radio with Sara Eisen. The euro is likely to remain weaker, according to Crescenzi.

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To contact the reporter on this story: Dennis Fitzgerald in New York at dfitzgerald5@bloomberg.net

To contact the editor responsible for this story: Paul Cox at pcox16@bloomberg.net

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