PIMCO co-chief Mohammad El-Erian is on CNBC this afternoon talking to Maria Bartiromo.
His first point: unlike US equity investors, he is concerned about Greece, and says that if Greece isn’t solved very fast, then this is a problem that will become a problem soon.
He says there’s nothing to feel good about until you see creditors step up to make concessions, and until some body step up to manage the bailout.
As for where he is investing client money, he’s looking for quality — so Germany and high-grade corporates.
He reiterated a point he’s been making recently that Greece is Europe’s subprime — tiny, but with the potential to metastasize.
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