El-Erian on the EU debt crisis and where to invest

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“The first rule of crisis management hasn’t been met by the Europeans, and that is to get ahead of the crisis, be seen as proactive rather than reactive,” said Mohamed El-Erian, CEO and co-CIO of PIMCO. “As long as they’re being seen as reactive we’re going to have a slow-motion wreck going on on in Europe. We’re going to wake up and it’s going to be a new country we’re talking about.”

El-Erian said investors ought to be looking for opportunities to buy non-European debt that has been sold heavily in response to the European crisis. He recommended emerging markets with high reserve levels, high-quality corporate bonds, as well as currencies “around the world being contaminated by what’s happening in Europe.”

Source: CNBC, November 30, 2010.

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