Trillion Dollar Asset Manager Says Get the Jelly, the World is Toast
By Brandon Pilzner
PIMCO announced some not so bullish expectations for the Euro Area, China, and United States this morning, for 2012, all which were covered in real-time with Benzinga Professional.
On Wednesday, Mario Draghi came out with positive news that just might comfort investors with European exposure.
According to the European Central Bank, investors have been found to help fund the European sovereign bailout. The support came from an extremely unlikely source: European financial institutions.
The package is not necessarily ideal for the ECB, who had to concede bargain rates to Euro banks in order to coax them for funding. On the other hand, the offer was good enough to garner nearly $500 billion from banks in relatively cheap three-year loans.
However, Pacific Investment Management Company – known as PIMCO – does not see the events overseas as much of a saving-grace.
PIMCO announced some of its global projections for 2012, today, most of which were not so bullish.
PIMCO’S TAKE ON EUROPE