Franklin Templeton: Turmoil in the French bond market could escalate into a European debt crisis 2.0, and the situation would be more severe.

Franklin Templeton's head of fixed income investment warns that continued selling of French bonds could escalate into a eurozone debt crisis, and if that happens, it could be more severe than the European debt crisis that occurred more than a decade ago. "I don't think anyone is truly prepared for a European debt crisis 2.0, and if this crisis really breaks out, the situation could be much more serious," said Sonal Desai, Franklin Templeton's chief investment officer for global fixed income.