Asset management economists expect Greek exit

Greece1A survey of ten asset management economists from some of the best-known UK firms found that six of them expect a partial break-up of the eurozone. Funds Europe asked the firms for their economists’ views about the euro crisis and the results – which include responses from F&C Investments, Schroders and Standard Life Investments – will appear in the November issue of the magazine. John Greenwood, chief economist at Invesco Perpetual, is one who expects a partial break-up. “I believe Greece or Portugal will exit within two to three years. This will happen because orthodox politicians lose control of the agenda.” He adds that policy makers are “nowhere near” doing what needs to be done to save the eurozone and are “very reluctant to admit their fundamental errors”. But Dan Morris, global strategist at JP Morgan Asset Management, says policy makers are “quite close” to doing what he thinks needs to be done to solve the crisis. He says the crisis “essentially already has been” tackled, partly because insolvent countries have been bailed out and the ones that need liquidity are receiving it by the ECB. Morris expects the eurozone to stay in one piece. ©2012 funds europe

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