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William Davies Bailey McCann, Opalesque New York:

William Davies is head of global equities and deputy head of equities at UK-based, Threadneedle Investments. He manages retail and institutional funds including the Threadneedle Global Select Fund. Davies was recently interviewed by Sona Blessing for Opalesque Radio.

"If we look at the past couple of years we've had all sorts of worst case scenarios that have been thrown at investors," Davies says of the current state of equities markets. "Most recently the worst case scenario we've seen is that we might face financial market closure in Europe. But the likelihood of that has reduced in the past couple of months with the LTRO."

He explains that investors have been faced with responding to a variety of bad scenarios in the eurozone. "We are looking at Greece defaulting this very month. As a result of that, we don't believe that the LRTO is a solution."

According to Davies, the LTRO has eased investor fears about the future of the eurozone but should not be considered a way to fix all of the regions problems. "The LTRO is not a solution, but it buys us a good deal of time and that's important," he said.

He points to the elections happening throughout the eurozone as the next hurdle. "We will have elections in Greece over the next ......................

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