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Today's Eurogroup meeting in Dublin shows the sad incoherence of the Cyprus rescue, says Pimco's...

Apr. 12, 2013 7:29 PM ETBy: David Yelle, SA News Editor24 Comments
Today's Eurogroup meeting in Dublin shows the sad incoherence of the Cyprus rescue, says Pimco's Mohamed El-Erian. By approving a €10B package, Europe has called on Cyprus to find an additional €6B euros to cover what is now a larger funding hole. It now needs to generate a total of €13B, which is a daunting sum for such a small country. The Troika, says El-Erian, has now botched a Cyprus rescue twice in less than a month. The implications cannot be good for Cyprus - nor for Europe as a whole.

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