The European debt crisis has spread from Greece to Ireland, Portugal and Spain, and that spells trouble for Europe's economy, says Mohamed El-Erian, CEO of money-management titan Pimco.
"Default is now no longer just a Greek concern; measures of default risk for Ireland, Portugal and Spain reached record levels this week," he writes in the Financial Times.
"If these trends persist – and they will do so, absent major policy change – European governments will soon face...
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