Greece is a bust, it is as simple as that

Marc Faber : "Greece is a bust, it is as simple as that. If it was a company, it would go into bankruptcy, into liquidation, into restructuring and the bond holders or the creditors would have to take huge haircuts, probably in the order of 70-80%. But here comes the government, of course the government and the IMF and the ECB, they know everything better than anybody else. So they bail it out. This is the problem I just explained. The financial system went bust. Now the governments are extending the credit and as a result, their credit worthiness is declining and eventually a lot of countries will go bust because they help the weak companies or the weak country survive" - in ET Now


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Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.