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Buffett: EU Can’t Be 'Half Slave and Half Free'

Warren Buffett has warned that the euro zone cannot work in its current form, but is more confident about prospects for the U.S. economy, according to a report.

Warren Buffett
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Warren Buffett

"They can't have a common currency, but not common fiscal policy or culture,” Buffett said during a speech at the Economic Club of Washington on Tuesday night, Dow Jones reported. "It can't be half slave and half free,” said the chairman of Berkshire Hathaway.

Buffett believes there is little chance of the U.S. economy entering recession in the near term. The legendary investor called on both sides of the political divide to compromise, the Democrats on spendingand the Republican’s on tax increases.

Buffett, who was talking at the event to David Rubenstein, the managing director of investment giant Carlyle Group, said he supports President Obama but is not a “card-carrying Democrat.”