Bill Gross isn't mad at Mario Draghi -- he's just disappointed.
Gross, co-founder of the investment firm PIMCO, said that he wasn't all that impressed with Draghi -- who heads the European Central Bank -- or with Draghi's most recent, heavily measured response to the European debt crisis, during an interview on Bloomberg Television Thursday.
"This is a game of promises, a kick the can type of moment," Gross told anchor Betty Liu.
Earlier that day, Draghi had said that the ECB was considering its options for saving the euro from collapse. At some point, Draghi indicated, the bank might embark on a round of bond-buying in order to lower borrowing costs for the Spanish and Italian governments. But Draghi was vague about when this might happen, if it happened at all.
"Draghi is saying Spain and Italy should take the first step, make a request, and then something might happen," said Gross. He added that the ECB's Thursday announcement was simply "placating the waters."
Investors seemed to find Draghi's statement underwhelming, especially in light of his promise last week to "do whatever it takes to preserve the euro." Markets headed south in Europe and the U.S. on the news that no immediate action from the central bank seems to be forthcoming.
Gross told Liu that if the ECB doesn't act soon, investors could come to regard Spanish and Italian bonds as radioactive.
"I think it's perhaps passed the point of patience," he said.
Below are the unemployment rates for nations within the Eurozone: