The euro hit a two-week high versus the dollar in early European trading, helped by improved tolerance towards risk after Tuesday's rally on Wall Street.
Jitters regarding Spain continued, however, with the European Union forced to deny a newspaper report that it was looking into a credit line for the country, together with the International Monetary Fund and the US Treasury.
On Tuesday, economist Nouriel Roubini told CNBC that a breakdown of Spain would cause a worse crisis than Greece did, because the country is one of the top four EU economies, has had a housing bubble and has an unemployment rate of 20 percent already.
Various European governments, including Spain, Portugal and Greece but also Germany, have pledged austerity measures to cut back public debt, but Rogers said he was skeptical.
"I don't believe them, of course, but maybe they mean it this time," he said.
Reforms must be done both at a country level and at the level of the entire union, according to Rogers.
"The EU says they are going to force everybody now to run a tight ship. It has to be everybody. If it's not everybody, is not going to work," he said.
No Drilling, No Oil
A good long-term buy is oil, Rogers said, because drilling opportunities are dwindling as the Obama administration mulls banning offshore operations after a well owned by BP ruptured on April 20, causing the biggest oil spill in the US history.