Hasenstab: No 'Armageddon' in Europe

Franklin Templeton's Michael Hasenstab has said there will be no Armageddon in the eurozone, and urged investors to take advantage of short-term market inefficiencies.

The manager of the $60bn Templeton Global Bond fund said despite European ministers being "reactive" to address problems, as opposed to proactive, the likes of Italy and Spain are taking "positive steps" in trying to resolve their issues.  "We do not believe in the Armageddon scenario for Europe. We do not believe that the Bundesbank is going to start printing deutschemarks. We do not believe that Italy will have a credit event," he said at a Morningstar Investment Conference. "The problems in Greece are going to continue but in some sense, the volatility and the market dislocations a...