Cnbc reports: even as markets cheered the agreement by
European leaders to allow the direct use of the bloc’s bailout funds to
recapitalize struggling banks, well-known investor Jim Rogers told CNBC the
move does nothing to help solve the region’s biggest problem, which is its high
debt levels.
“Just because now you have a way to get them (the banks) to
borrow even more money, this is not solving the problem, this is making the
problem worse,” Rogers said on Friday.
“People need to stop spending money they don’t have. The
solution to too much debt is not more debt. All this little agreement does is
give them (banks) a chance to have even more debt for a while longer,” he
added.
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