Wednesday, February 1, 2012

Marc Faber : Europe isnt an economic issue but a political issue

Marc Faber: The world has now wasted almost nine months talking about Europe. This isn't an economic issue but a political issue. The weak countries should be kicked out of the euro and the losses taken. The longer you support countries like Greece, the more the crisis will drag on and the losses will increase. The Greeks will get more money and pretend to implement austerity, and then buy a few more BMWs. Greece's bonds need a haircut of about 90%, and even then, the country might not pay off the rest of its debt. - in The Barron's Roundtable


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