'Nothing But Bad Choices' Ahead for Greece: El-Erian

Bond holders of Greek debt at some point are going to have to accept restructuring if the crisis is ever going to get resolved, Pimco's Mohamed El-Erian told CNBC Monday.

Delaying a solution to the debt problem in Greece has only made matters worse and has caused the contagion to spread throughout the euro zone, according to El-Erian, whose firm oversees more than $1.2 trillion in assets and runs the largest bond fund in the world.

"We have, unfortunately, nothing but bad choices," he said. "What we're looking at is better burden-sharing. Right now more of the burden-sharing is being taken by the Greek people."

Problems with debt in Greece and other peripheral countries in the euro zone intensified last year but have yet to be resolved despite the implementation of a 750 billion euro bailout package from the International Monetary Fund.

Read Full Article from CNBC.com

- Posted: 2011-06-20 09:36:49

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