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Spain Builds Contagion ‘Firewall,’ Pimco’s Bosomworth Says

Spain is taking steps to build a “firewall” to stem contagion from Portugal’s debt woes as it cuts the deficit and retools its economy, said Andrew Bosomworth, a money manager at Pacific Investment Management Co.

“A firewall is what we are hoping for and the price action in the markets appears to support it,” Bosomworth said in a telephone interview from Munich. “I think the ingredients” for it “are certainly in place,” he said. Newport Beach, California-based Pimco managed $1.24 trillion of assets as of December, including the world’s biggest bond fund.