FILE - This undated file photo provided by the Pacific Investment Management Co., shows Bill Gross, manager of the PIMCO Total Return Fund. The struggling countries of Europe have followed a diet of ... more 
FILE - This undated file photo provided by the Pacific Investment Management Co., shows Bill Gross, manager of the PIMCO Total Return Fund. The struggling countries of Europe have followed a diet of deep spending cuts for two years in hopes of averting financial catastrophe and persuading bond investors to buy their debt. Gross says that countries can’t simply cut their way out of the debt crisis. That’s bound to backfire, he says. (AP Photo/Pacific Investment Management Co., File) less 
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Associated Press | Photo By Pacific Investment Management Co., File
Wed, May 9, 2012 1:10 PM EDT