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Pimco Says Euro Zone Can’t Survive in Current Form: Telegraph 2015-03-29 12:11:26.670 GMT
By Lyubov Pronina (Bloomberg) -- Co. says single currency can’t survive unless countries move closer together, the Sunday Telegraph reports, citing Managing Director Andrew Bosomworth. * “The lesson from history is that the status quo we have now is not a tenable structure,” Bosomworth says. “There’s no historical precedent that this sort of structure, which is centralized monetary policy, decentralized fiscal policy, can last over multiple decades” * “While there might not be one government, one passport and one army, we could be moving closer toward that -- but not yet” * Bosomworth, head of portfolio management in Germany, says there is too much at stake for euro zone to force Greece out * “It’s a bit like nuclear warfare. Actually doing it is so disastrous that you don’t”
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To contact the reporter on this story: Lyubov Pronina in London at +44-20-3525-8784 or lpronina@bloomberg.net To contact the editors responsible for this story: Daliah Merzaban at +44-20-3525-3630 or dmerzaban@bloomberg.net Steve Bailey