Pimco - world's biggest investor - says eurozone can't survive

The eurozone is "untenable" in its current form and cannot survive unless countries are prepared to cede sovereignty and become a "United States of Europe", the world's biggest bond investor has warned.

The Pacific Investment Management Company (Pimco) said that while the bloc was likely to stay together in the medium term, with Greece remaining in the eurozone, the single currency could not survive if countries did not move closer together.

The Telegraph London