March 1, 2012 / 3:11 PM / 5 years ago

Greek debt ruling dangerous precedent-Pimco's Gross

NEW YORK, March 1 (Reuters) - Bill Gross, the co-CIO and co-founder of bond giant Pimco, said on Thursday that the decision by a major derivatives agency to not declare a credit event on the writedown of Greek sovereign debt sets a dangerous precedent.

The manager of the world's largest bond fund, speaking on CNBC television about the launch of Pimco's new ETF, said the decision by the International Swaps and Derivatives Association should be seen as a disappointment to buyers of credit default swaps on Greek debt. (Reporting by Sam Forgione; Editing by James Dalgleish)

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