PIMCO cuts euro exposure as investors decry Cyprus bailout plan

A demand that Cyprus seize money from depositors to help rescue the island’s banks is a wake-up call for those who believed the euro zone crisis was solved, institutional investors and hedge funds said. Lee Robinson, founder of hedge fund firm Altana Wealth, said in emailed comments that it was worrying that the senior members of the euro zone and IMF seemed to have ignored the “huge risks” of destroying euro zone guarantees. “All the good work over the last six months to stabilise the fund flows from the (European) periphery has just been nuked,” he said.

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