Pacific Investment Management Co.’s Bill Gross said Italy remains in trouble even as a new government is formed to put austerity measures in place.
Italy and neighboring countries have “too much debt and too little growth and too few policy solutions,” Gross, manager of the world’s biggest bond fund, said in a radio interview on “Bloomberg Surveillance” with Tom Keene from Pimco’s headquarters in Newport Beach, California. In Italy “we now have technocrats. But does that matter? Will that provide a solution? Probably not to our way of thinking. So Italy and many of its southern neighbors remain in trouble.”