Bill Gross attacks UK and EU austerity - FT.com

Bill Gross attacks UK and EU austerity - FT.com:

Bill Gross, manager of the world’s largest bond fund for Pimco, has criticised efforts by Britain and much of the eurozone to cut debt rapidly with severe austerity measures, warning that such action risks stifling recovery.

“The UK and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not,” Mr Gross told the Financial Times. “You’ve got to spend money.”

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