Andrew Bosomworth News
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Spain’s surging bad loans are spurring doubt on whether the government can persuade investors that it can clean up the country’s banks without further damaging public finances.
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Portugal commemorates the one-year anniversary of its bailout with two-year yields back below 10- year levels as government officials and investors say the nation will procure sufficient backing to avert a debt restructuring.
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German bunds rose the most in a month after industry data showed euro-region manufacturing and services shrank more than economists forecast, spurring demand for safer assets.
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German angst is growing as an entry on the Bundesbank’s balance sheet swells to a sum worth about 20 percent of economic output, a sign of the extent to which Europe’s largest economy is funding the region’s laggards.
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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.
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Kathleen Gaffney, whose $20.7 billion Loomis Sayles Bond Fund has beaten 97 percent of peers this year, said Italian bonds present buying opportunities after this month’s selloff.
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Germany may have become too competitive for its own good.
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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.
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Four months after the 110 billion- euro ($140 billion) bailout for Greece, the nation still hasn’t disclosed the full details of secret financial transactions it used to conceal debt.
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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.
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