Tuesday, June 14, 2011

Bill Gross: United States in Worse Shape Financially Than Greece

Pimco founder and co-chief investment officer Bill Gross told CNBC that the unfunded debt burden of the United States puts it in a worse position than Greece.

By his calculation, the U.S. is on the hook for $100 trillion. "To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross told CNBC. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."

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