Pimco's El Erian doubts EU's bailouts effort

[gnk]

From MoneyMarketing.co.uk (emphasis mine):

In a post for the Financial Times, Pimco chief executive Mohamed El-Erian warned that the European Central Bank/International Monetary Fund aid handed to Greece, Portugal, Spain and Ireland have not aided their economies, rather just aided those looking to take their money out of them.

He says: “The public sector bailout is not working. Rather than provide assurances of better times ahead and, thus, encourage new investments, ECB/EU/IMF support funding is being used by existing investors to exit their exposures to the most vulnerable peripheral European countries.”

I compared the above quote to an earlier article from Michael Hudson - obviously, Hudson's conclusions are based on a bias against the Banksters - a deserved one, IMHO.

Here's my article in its entirety:

http://fiatcollapse.blogspot.com/201...elieve-eu.html