El-Erian: "What You Advise Your Sister In Ireland Now Is That You’d Say Take Your Money Out Of An Irish Bank"

Mohamed El-Erian of PIMCO has poured gasoline all over the burning fire that is Ireland with his latest comment, according to Bloomberg (via The Guardian).

From Bloomberg:

“What you advise your sister in Ireland now is that you’d say take your money out of an Irish bank and put it in another bank headquartered elsewhere,” El-Erian said. “That’s what happened in Argentina and in emerging economies. People worry about their savings.’

When the world’s leading bond-fund manager makes these sort of statements, people tend to get a bit nervy.

The euro has been falling all morning on continuing uncertainty about the bailout.

For background, here’s how Ireland got into this mess >

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