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El-Erian Says S&P 500's Plunge May Worsen on Europe

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THE PLUNGE REJECTION TEAM
"The Standard & Poor’s 500 Index’s 12 percent decline from April’s high may worsen amid concern that Europe’s debt crisis will derail global growth, said Mohamed A. El-Erian, chief executive officer of Pacific Investment Management Co," according to Bloomberg.  “This is not a typical retracement,” El-Erian, 51, whose firm runs the world’s biggest bond fund, wrote in an e-mail to Bloomberg News. “We are in uncharted waters on account of several issues, including what is going on in Europe and other important structural regime changes. In economic terms, European developments are unambiguously bad for global growth.”
SOURCE:   Bloomberg

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