Davies: Greece will not deliver required fiscal measures

Threadneedle's head of European equities William Davies has said it is "inevitable" Greece will default in the next two years.

The manager of the group’s top performing £775m European fund said the country would default because it would be unable to deliver the fiscal measures needed to repair the economy. “Greece needs to overhaul its pensions, raise taxes and increase competiveness on the supply side by lowering wages to avoid a default – and I do not think this is going to happen,” he said. “Therefore Greece will default in the next two years as the country is fragmented, and split over whether or not to exit the euro.” His comments came prior to a vote by the Greek government, which last week narrowly ...