Pacific Investment Management Co.'s Neel Kashkari, who headsglobal equities at the Newport Beach, California-based investmentfirm, said Greece and Portugal will need additional bailouts.
“We don't think that Greece will actually be able to deliver onthe austerity measures they're promising,” Kashkari said today inan interview on Bloomberg Television's “InBusiness with MargaretBrennan.” “Risks in Europe remain, so we're being veryselective.”
Europe's approval of a 130 billion-euro ($172 billion) rescuepackage for Greece, the second such bailout since 2010, doesn'tsolve the region's sovereign-debt crisis, Kashkari said. While U.S.economic indicators have been improving, risks of further “shocks”coming out of Europe and slowing growth in the emerging markets areleading Pimco to buy stocks only selectively, he said.
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