Bond guru: don’t invest in Ireland

Pimco chief says debt and emigration too high

Barry J Whyte

Chief Feature Writer @whytebarry
22nd December, 2014

There is no compelling case for investing in Ireland, according to the chief economist at the world’s biggest bond investment house.

Paul McCulley of Pimco, which has $1.87 trillion in assets, described it as “an unsavoury reality”, but said the country’s massive debt burden had crushed the investment case for Ireland.

While short-term investors such as hedge funds and vulture funds are attracted to the prospects of cheap distressed asset...

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