Elliott's Singer says developed countries face long-term insolvency

NEW YORK Wed May 8, 2013 12:33pm EDT

NEW YORK May 8 (Reuters) - Paul Singer, founder of Elliott Management, said Wednesday at the Sohn Investment Conference in New York that developed countries are facing "long-term insolvency" and that monetary stimulus is distorting the prices of long-term bonds.

Singer, whose hedge fund has $21 billion in assets under management, said the global financial system remains "opaque." He said stimulus measures like the U.S. Federal Reserve's $85 billion in monthly bond purchases, has led to "distorted" global recovery and pricing of long-term bonds