Dec 7, 2010
Some countries in Western Europe are bankrupt or are having serious liquidity problems and they should be allowed to restructure their debt, famous investor Jim Rogers told CNBC Tuesday.
On Tuesday, European Union ministers are meeting to discuss ways to solve the debt crisis sweeping through the euro zone, after 16 finance ministers from the euro zone decided Monday to make no new move to solve the crisis.
“You need to let Ireland go bankrupt. They are bankrupt, why should innocent Germans, Poles or anybody pay for mistakes made by Irish politicians,” Rogers said.
Greece is also insolvent, Portugal has a liquidity problem and countries like Belgium, France and even the UK have various problems, he added.