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Pimco: EU must change policy on Greek aid
ROME | Sun Jun 19, 2011
The head of Pimco, the world's largest bond fund, stated in an interview published on Sunday that Europe risks wasting money if it keeps investing billions into the fragile Greek economy. Mohammed El-Erian told Italy's Corriere della Sera that, after a year, the indicators have unfortunately lowered, “despite the incredible quantity of financial assistance”.
"All of this has terrible human consequences and it's associated with a transfer of liabilities from private creditors to European taxpayers.” The reason he provided for this is that “very little is being done to deal with the excess of public debt, and the conditions for higher growth are not being put in place".
He also stated that, if this approach is stubbornly kept up, more and more money will be wasted in the noble mission of saving private creditors and it will pose a greater risk of a disorderly restructuring of the debt.
El-Erian's comments come after a promise made last week by Germany and France to continue funding Greece in order to win enough time to avoid or at least postpone a messy default which would have potentially drastic consequences for the whole euro zone.
The European Union and the International Monetary Fund have promised a new bailout package of 120 billion euros ($171.8 billion) as long as Athens produces credible reforms to restore its ailing public finances.