El-Erian Says Debt Default Might Be ‘Catastrophic’

    • El-Erian Says Debt Default Might Be ‘Catastrophic’

    • We would be in the land of the unpredictable” if lawmakers fail to reach an agreement to raise the $14.3 trillion debt ceiling and the U.S. misses a payment “simply because of the technical linkages

    • U.S. lawmakers are seeking a path to increasing the debt limit and to cutting at least $1 trillion from the long-term deficit before an Aug. 2 deadline.

    • “My advice is please try and get together and solve this issue in the context of a medium-term reform package

    • Europe has been treating Greece “not as a solvency issue, but as a liquidity problem,” El-Erian said. “We had a massive bailout a year ago in Greece, massive. A year later, every single indicator in Greece is worse off

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