The dynamics of Western countries are inadequate because, two years after leaving the recession behind, their economies still seem unable to implement a sturdy, autonomous trajectory of growth, explains Philippe Waechter, chief economist at Natixis AM.

Targeting primarily European and Asian institutional investors, this new investment fund will be registered in Singapore and will invest in the funds offered by the most talented emerging managers

According to Michael Story, economist at Western Asset, while some peripheral European countries will be unable to escape restructuring their debt, the euro is unlikely to collapse any time soon as a result, and should in the short to medium term strengthen its position as a leading currency as demand to join the eurozone grows from former Soviet-controlled states.

If Greece is allowed to default now, the risk of a confidence crisis and contagion is substantial. The debt of other weak eurozone countries may fall victim to speculators and the market for credit default swaps could experience difficulties again

While the markets feel risky, the perceived risk has not been matched by a spike in market levels of implied volatility