A full-scale European sovereign debt restructuring is nigh-on inevitable, say leading bond buyers. Speaking at Euromoney’s annual Bond Investors Congress in London, a series of international investors argued that it was now not a question of “if” but “when” and “how”.
“It’s coming,” said Louis Gargour, chief investment officer at London-based hedge fund LNG Capital. Speaking before a late-March meeting of eurozone leaders tasked with finding a permanent solution to the crisis, Gargour said that policymakers “will come up with too little, too late”.
The numbers on the European debt burden don’t lie, said Sanjeev Handa, senior managing director and head of global public markets at TIAA-CREF, a New York-based pension fund.
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