Bill Gross has said the US will default on its bonds because it is the only way the country can cope with its massive debt pile.

The PIMCO chief investment officer says the US has a total debt burden of $75 trillion if entitlements such as those for medical care and social security are included. In his latest Investment Outlook, Gross writes that unless large cuts are made to entitlements, the only way the government can afford this amount of debt is to default.
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