Luke Spajic, head of pan-European credit at Pimco [profile], warns that in this time of worsening market volatility, the global economy is "running out of safe havens," reports the FT Adviser.

Since the credit crunch in 2008, Spajic said credit markets have "turned upside down. There are very few places where AAA is viable ... you can run but you can't hide."

He said the only remaining AAA nation was Norway. Spajic also warns that Italy and Spain "could not be saved" given the current structure if Greece were to be cut loose.

The PM is bullish towards emerging market economies but bearish about the growth of the overall economy. He predicts a 1 to 2 percent growth in the global economy for the next 12 months.  

Edited by: HFD


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE