Gross: US risks becoming new Greece by 2020

 
Julian Harris
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AMERICA’S government debts are severe enough that the world’s top economy could “resemble Greece before the turn of the next decade”, Pimco’s outspoken founder Bill Gross said yesterday.

Urging Washington to address its mammoth debt and annual deficits, Gross compared the US to “an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth”.

And returning to his analogy of a “ring of fire” that surrounds many of the world’s leading economies, Gross warned that the UK – along with Japan, Greece, Spain and France – is still in a perilous position. Britain is part of a “rogues’ gallery of debtors,” the bond giant’s co-chief investment officer warned.