Friday, February 27, 2015
Marc Faber : 50/50 Chance Greece will Default
Marc Faber, Editor and Publisher, The Gloom, Boom & Doom Report talks about ongoing debt talks between Europe and Greece.
“In my view it’s inconceivable under any condition that Greece will be able to repay their debts. That should be clear. I’m more interested in what happens if Greece leaves the EU or is kicked out of the EU, which I think would be the right thing,” said the editor and publisher of The Gloom, Boom & Doom Report.
“The EU should never have taken Greece as a member. When the first problem occurred a few years ago, they should have written off Greece right away. But no, the central bank and the ECB supported by the Federal Reserve, they kicked the can down the street and leant them more and more money with the result that Greece now owes the EU and banks in the EU to the tune of $250 to $300 billion,” he said.
“I believe it will strengthen not weaken because the Euro needs strong countries not weak countries. We have to take a write off at this stage if Greece leaves,” he said.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
Posted by Nicole Bourbaki