ECONOMY

PIMCO CEO says Europe must prepare for a Greek exit

Greece may have to exit the 17-nation euro and the monetary union should plan for it to ensure stability, according to Pacific Investment Management Co?s Mohamed El-Erian.

?A Greek exit will be expensive and messy, but it?s probably inevitable and therefore we should plan for it,? El-Erian, the chief executive officer of PIMCO, the world?s largest manager of bond funds, said in an interview on Bloomberg Radio?s ?Bloomberg Surveillance? with Tom Keene and Ken Prewitt. [Bloomberg]