‘At least one’ eurozone state to renegotiate debt

Fidelity Worldwide Investment’s head of global equities forecast that at least one of the eurozone’s 17 members will have to renegotiate its debt at a loss to bondholders as the eurozone’s debt crisis rumbles on.

“I don’t think we are quite finished with the European crisis and I think there will have to be another rescheduling of the debt programmes,” said Richard Lewis, who helps oversee $261bn (€189.3bn) from London, in a phone interview this week.

“The resolution of the crisis lies in realistic haircuts.”