by Calculated Risk on 5/08/2010 05:17:00 PM

While we wait for the details ...

PIMCO's Mohamed El-Erian writes in the Financial Times: El-Erian on a critical weekend for Europe and the economy

[W]e have to wait for tomorrow’s operational details. ... [But] we should not under-estimate the historical relevance of what is happening this weekend; and the stakes for Europe and the global economy are huge.

If this rescue attempt does not work, there will be a material acceleration in the process of change to Europe’s economic, financial, and institutional landscape; and the reality of the debt explosion in industrial economies will become even more of a destabilizing factor for the world economy.

Tomorrow will be interesting!