Marc Faber: We Have a New Gold Standard
By: Antonia Oprita
Web Producer, CNBC.com
But German chancellor Angela Merkel called for a change of the EU legislation to allow the expulsion of a country from the euro zone if it breaches fiscal rules repeatedly, signaling a willingness of European politicians to change the rules of the game.
"If Greece stays in, it has to be bailed out," Faber said.
"I don't regard the euro as a specifically better currency than the dollar," he also said.
The markets have created their own gold standard because of uncertainties regarding other asset classes, Marc Faber, author of "The Gloom, Boom and Doom Report," told CNBC Thursday.