Greece, Ireland, Portugal May Restructure, Kashkari Says

Bloomberg
April 12, 2011

Europe’s most-indebted countries will probably need to restructure their borrowings as bailouts fail to solve their fundamental challenges, Pacific Investment Management Co.’s Neel Kashkari said.

“Greece, Ireland, Portugal, simply have too much debt, more debt than their economies can afford,” Kashkari, head of new investment initiatives at Pimco, said today in an interview on “InBusiness with Margaret Brennan.” “It’s likely they’ll need to restructure or default. The question is, how do you do that in an orderly manner without causing contagion to Spain and other countries and causing chaos?”

More