America could begin to resemble Greece before the turn of the decade if it does not cut spending and raise taxes to tackle its debt, according to Bill Gross, the head of the world's largest bond fund. PIMCO chief Mr Gross said that the United States must cut spending or raise taxes by 11pc of gross domestic product (GDP) over the next five to ten years in order to preserve its role as a financial safe haven. "If we continue to close our eyes to existing 8pc of GDP deficits, which when including Social Security, Medicaid and Medicare liabilities compose an average estimated 11pc annual 'fiscal gap,' then we will begin ... (full story)