ECB will have to print to revive Europe: Asia-Pacific AMC

James Chirnside, the CIO of Asia Pacific Asset Management talks to CNBC-TV18 about how the global market picture is shaping up. Cues coming from Europe have left investors sceptical about any positive news flowing from the Eurozone in the near-term with the contagion threatening to spread to large economies like Italy and Spain.

The 17 Eurozone nations are finding it hard to reach any consensus in the short-term, which is threatening markets. Chirnside believes that the European Central Bank needs to do a Federal Reserve kind of quantitative easing program to survive the crisis.
"Short of a package along those lines which will weaken the Euro and allow some of these European countries to begin the very difficult task of recovery, we believe that short of that, markets are under severe threat." Below is a verbatim transcript of his interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy. For complete details watch the accompanying videos. Q: The last time we spoke with you, you had quite vociferously stated that Greece is a big problem and that a default would come very soon. Now that bigger economies like Italy are opening up, how much of a concern do you think it is and what are your thoughts on the latest in terms of the European situation?
A: It is a very big and huge concern. The problem is getting an agreement on things in the short-term when you are dealing with so many different nations within the European Union appears to be a very difficult thing in itself. This is the threat to the markets.
The markets are saying just at the moment, we need some action by European Union officials, we need a clear plan and if we don