EL-ERIAN: A Greek Exit From The Euro Is 'Probably Inevitable'
PIMCO CEO and co-CIO Mohamed El-Erian told Bloomberg Radio earlier today that a Greek exit from the euro currency is now "probably inevitable," and that Europe, Greece, and the international community should begin preparing contingency plans.
"A Greek exit will be expensive and messy. It's probably inevitable, and therefore we should plan for it. And plan for it is not just the Greek government planning for it. The EU needs to find a way to allow Greece to exit the eurozone but remain with the EU to access funds to stabilize the situation."
He emphasized that this is probably the best of only bad options left on the table for the struggling country:
"The legacy issues are going to be there, but what you've got to offer the Greek people is the hope and hopefully the reality of things getting better in the next 3 to 5 years, and you can only do that through a fundamental change of the set-up right now."...
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