Pacific Investment Management Co., the world’s biggest bond manager, sees opportunities in Russia after investors sold out of the country during the standoff with Europe and the U.S. over Crimea. It’s throwing in the towel on Turkey.
Greece still faces a “substantial” default risk as insolvency prevents the nation from repaying its debt when its bailout program expires in three years, Pacific Investment Management Co. fund manager Andrew Bosomworth said.
Targeted asset purchases by the European Central Bank to combat deflation risks would pose difficulties in implementation, Andrew Bosomworth, Pacific Investment Management Co.’s Germany director, wrote in the Financial Times Deutschland.
The European Central Bank may have to take losses on its Greek sovereign bonds because the country is unlikely to repay its debt in full, Andrew Bosomworth, managing director at Pacific Investment Management Co. said.
The European Central Bank and the 17 central banks of nations sharing the euro have about 130 billion euros ($183 billion) of risk from Greek debt in the event of a restructuring or default, Pacific Investment Management Co.’s fund manager Andrew Bosomworth estimated.
Andrew Bosomworth, head of portfolio management at Pacific Investment Management Co., said an exit by Greece from the euro area would lead to a “disorderly capital cut” and “throw markets into chaos,” Die Welt reported in a preview of an article that will run tomorrow, citing Bosomworth.