Greece Debt Restructuring Is Inevitable, Gross Says

Pacific Investment Management Co.’s Bill Gross said restrictive lending rates and austerity measures that slow growth will leave Greece with “no way out” of a debt restructuring.

“The growth required in order to shoulder Greece’s debt burden is so excessive and the fiscal restrictiveness being imposed on the country is so restrictive they there will be no way out,” Gross said, in an interview with Bloomberg Television. “Restructuring at some point down the road -- perhaps a year or two years down the road -- will take place.”