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Si Parva Licet ....

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Pimco e' forse il piu' grande operatore sui titoli a reddito fisso nel mondo. El Erian e' una delle figure piu' influenti tra coloro che muovono i mercati e tra i polici makers incluso il FMI dove ha lavorato per diversi anni.

PIMCO’s El-Erian said that Greece is likely to default or restructure its debt within three years. His skepticism is based on the unprecedented scale of the fiscal tightening envisaged under the EU/IMF program and that, even with austerity, the debt-to-GDP ratio is higher at the end of the program than the beginning. In addition to Greek spreads widening, bank stocks are down 2.1%.