Robin Creswell, managing principal at Payden & Rygel, says European debt holders should be relaxed in the short to medium term as policy makers would do what they could to prevent the debt crisis spreading further. Safe haven government bond investors should try to find countries with stability and control over expenditure and tax, such as the UK and Germany. He said Angela Merkel’s comment that bondholders should share potential risks with tax payers had not been helpful.