The giant bond fund PIMCO said Europe has not yet tamed its debt crisis and will soon face a “second Greece” in Portugal as the country’s economy spirals downwards. Mohamed El-Erian, PIMCO’s chief executive, said Portugal will need a second rescue as the original package of €78bn falls short, setting off a political storm over EU rescue costs. “Unfortunately, that is how it will be. It will make the financial markets nervous because they are worried about a participation of the private sector,” he told Der Spiegel. German finance minister Wolfgang Schäuble insists that there will be no further haircuts...
