Gross: UK and US addicted to 'budgetary crystal meth'

The manager of the world's largest bond fund has pointed to the US, UK, Spain, France, Japan and Greece as serial debt addicts whose government borrowing is spiralling out of control.

In his monthly investor newsletter, PIMCO's Bill Gross (pictured) said "bonds will be burnt to a crisp," if the US does not tame its addiction to debt and deficits. Although he does not believe in the "imminent demise" of the US economy, he is concerned about a "fiscal gap" that could mirror that of Greece. "Armageddon is not around the corner. I do not believe in the imminent demise of the US economy and its financial markets. But I am afraid for them," he said. "What they are saying is that when it comes to debt and to the prospects for future debt, the US is no "clean dirty shir...