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Planet Money

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Business, News & Politics

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The economy, explained, with stories and surprises. Imagine you could call up a friend and say, "Meet me at the bar and tell me what's going on with the economy." Now imagine that's actually a fun evening. That's what we're going for at <em>Planet Money</em>. People seem to like it.

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#176 Planet Money: Athens And The Bond Kings Of Newport Beach

May 12th, 2010

Episode 268 of 910 episodes

In Athens, everybody has a story about how easy it was to borrow money after Greece joined the euro and interest rates plummeted. On today's Planet Money, Chana Joffe-Walt brings back a few of those tales. Her cab driver upgraded from a Toyota to a Mercedes. Paul Emmanuelides, who owned a couple bars, borrowed 7 million euros to build an industrial brewery. People borrowed money to go on vacation -- then refinanced the loans. "It was like manna from heaven," one lady says. Where did all the money come from? A lot of it came from Newport Beach, home of the giant bond fund Pimco. Adam Davidson was there last week, and he spoke with Mohamed El-Erian, Pimco's CEO.

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