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Europe Faces Lack of ‘Exit Strategy,’ Clarida Says: Tom Keene

European leaders are coping with a monetary union that was created without an “exit strategy” as member nations try to resolve the region’s debt crisis, Pacific Investment Management Co.’s Richard Clarida said.

“The challenge in Europe is that the euro was created without an exit mechanism,” said Clarida, a strategic adviser at the world’s biggest bond fund manager, during a radio interview on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt. “They’re having to develop this on the fly.”