Pimco’s El-Erian: “Euro bailout won’t avert recession”

Mohamed El-Erian, chief executive officer and co-chief investment officer at Pacific Investment Management Co., discusses the prospects of a certain Greek default, the euro-zone debt crisis and the U.S. economy.   “Cash on the sidelines now is excellent defence and excellent offense for future options…equity rally the last few days is technically driven quarter-end window dressing by fund managers.”    Watch the Bloomberg clip here.