Everyone's Still Selling PIIG Debt, As PIMCO Warns ECB Intervention May Be "Backfiring"

"“We think it is too risky to buy Greece and Portugal,” said the head of one of the largest US asset managers. “The chance of restructuring is too high. When there is default risk, you scale your exposure differently. There is no value. But even if there was value, our investors still don’t want us to invest.”"