Eurozone Can’t Survive in Current Form, Says PIMCO

Single currency area must become a “United States of Europe” in order to secure its future, says manager of world’s largest bond fund.

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The eurozone is “untenable” in its current form and cannot survive unless countries are prepared to cede sovereignty and become a “United States of Europe”, the manager of the world’s biggest bond fund has warned.

The Pacific Investment Management Company (PIMCO) said that while the bloc was likely to stay together in the medium term, with Greece remaining in the eurozone, the single currency could not survive if countries did not move closer together.

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