Reuters/Yahoo News
February 5, 2011
Europe should relieve Greece of some of its debt burden as its savings program would only stifle economic growth, the head of the world's biggest bond fund was quoted as saying in a German magazine on Saturday.
Pacific Investment Management Company's (Pimco) chief executive, Mohamed El-Erian, told Der Spiegel that Greece's only way out of its debt crisis was for Europe to reduce Greek debt from 140 percent of gross domestic product (GDP) to 90 percent.
"Debts should fall under 90 percent of GDP," said El-Erian, who helps oversee more than $1.1 trillion in investments. "The people cannot withstand (the current savings program)."
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