"The structure of economic and monetary union has been left half-built, " Mr Zervos told me.
David Zervos from Jefferies Global Securities says many Americans regard the Euro with distaste.
As a manager, Zervos is sticking with local currency debt instead of the sovereign bonds issued in dollars.
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Fund managers like Zervos in the US and Japanese Toshin funds love those yields in local currency debt.
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Oppenheimer mutual fund bond manager Sara Zervos likes local currency emerging market bonds.
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For Zervos, the US deficit really starts looking scary around 2015 as the population ages and incomes remain stagnant.
Oppenheimer International Bond (OIBAX) fund manager Sara Zervos says despite the downgrade, US government debt will maintain its status as safe haven of choice.
Zervos said she had a tough start to the year because of a big sell off in local currency bonds she holds in South Africa, in particular.
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Zervos says she remains overweight on local Brazilian government debt (opposed to sovereign debt priced in dollars) and has moved from neutral to slightly overweight on the Brazilian currency.
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"In terms of their ability to pay bond holders, the emerging markets actually look in better shape than the United States over the next 5-10 years, at least, " Zervos says.
Zervos had a tough start to the year.
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Mr. Petrakis knew the check would bounce when it matured in the fall, and the bank would come to him wanting its money back, but he hoped by then to have money to repay the bank, says his lawyer, Aggelos Zervos.
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