As Greece negotiates with private creditors restructuring terms of its debts, International Contrarian Investor Jim Rogers doesn’t believeits time to start worrying about a country leaving or being forced out of the Eurozone Countries. No indebted countries like Greece will default on their debts in such a way that they will be forced to leave the eurozone in 2012 although they might in 2013, says international investor Jim Rogers.
Rogers told CNBC, “I don’t think we’ll see anybody will leave the eurozone in 2012 — there are 40 elections in 2012 there will be more problems this year, governments everywhere will do their best to make sure we get through elections.”
Greece must strike a deal immediately with creditors if it has any plans to tap fresh bailout money and avoid defaulting on a sovereign bond payment due in March.
“Maybe in 2013 you should panic and certainly by 2014 you should be panicked but 2012 will be better.”
Hopes are still alive that Greece will soon announce an agreement ewven though talks have stalled.
Having started an economic summit in Brussles, European policymakers don’t expect much as they continue to try to circumvent the zone affected countries out of the shark-infested debt waters.
Jim Rogers continued stating, “We’ve been having European summits every few weeks for the past two years, it’s all a charade. They are just trying to get through the French elections, and I am not paying too much attention to it until they start to take real action.”
The Greeks want to manage this on their own accord as was recently made public when Athens was offended when a high-ranking German official suggested Greece allow outsiders to take control of its budget policies.
The Euro zone lacks one thing which will ultimately cause for it to crumble; It lacks leadership and a monitoring system in place to implement and effectively issue reform.
“If the Greeks aren’t able to succeed themselves with this, then there must be stronger leadership and monitoring from abroad, for example through the EU.”
Jim Rogers, one of the most successful investors of our lifetimes, in his twenties, with $600 in his pocket, “retired” at age 37 with more money than anyone could possibly spend.Share