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Europe Faces `Balancing Act' in Fixing Debt Woes, El-Erian Says: Tom Keene
European governments have no best solution to the sovereign-debt crisis, according to Mohamed El- Erian, chief executive officer of Pacific Investment Management Co., which runs the world’s biggest bond fund. “The Europeans are operating in a world of second and third bests,” El-Erian said in Bloomberg Radio interview on “Bloomberg Surveillance” with Tom Keene. “There is not first best. They look at the benefits and the costs. It’s a very difficult balancing act right now.”