Jim Rogers tells Reuters the Greek bailout plan merely pushes the debt crisis into the future, and could cause spark an end to the euro zone in five years.
On the plan itself:
“It will come back in a few weeks or a few months and the world will still have the same problem, but this time only worse because the European Central Bank and other countries will be deeper in debt.”
“Most European countries are increasing their debt rather than decreasing their debt. Until that changes, the problems are going to continue, just as they will in the U.S.”
On Greece in particular:
“Never in a million years did I expect them to impose a haircut of 50 percent; this shows at least somebody is starting to accept reality.”
“Greece is bankrupt, but others are too, and these haircuts will have to come back and be wider.”