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[Islander]

The latest measures to address Europe's debt crisis are an important step forward, but fall considerably short of what is needed, Pimco CEO Mohamed El-Erian told CNBC.

Gillianne Tedder | Bloomberg | Getty Images

As a result, the bond fund leader expects Friday's likely aggressive stock market rally to be short-lived as the weaknesses emerge in the plan devised at this week's <A href="http://www.cnbc.com/.../id/48009567/">euro zone summit.

"The leaders took important decisions that went well beyond market expectations," El-Erian said in a CNBC "Squawk Box" appearance. But, he added, "Our assessment is this is not yet the breakthrough. More is yet required. Therefore there's the risk that once again this rally may run out of steam."


fair use, extract. Source CNBC