Markets
Why 'upwards contamination' will ensure France is eurozone's next victim
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by Pietro Cecere, Sebastian Hesse on Nov 02, 2011 at 10:32
Filmed at Citywire's Fund Selector's forum in Geneva in October, Pimco's Andrew Balls reveals why he believes austerity alone is not enough to fix the beleaguered eurozone.
The manager of the firm's Euro Bond and Euro Bond Total Return funds says the logic of the eurozone's constitution means that the problem moves up the system, spelling trouble for the unequal partnership of Germany and France.
And while believing that the creation of a eurobond would be 'very effective' he is doubtful that it will ever be realised due to the huge political obstacles that need first to be overcome.
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