Greece recently passed austerity measures and appears to be on the road to a bailout, but strategic investor Dennis Gartman still believes the country will eventually default.

Gartman spoke to the Fast traders Tuesday, just a day after Standard & Poors warnedthat it would treat a rollover of privately held Greek debt as a selective default. France’s burden-sharing plan, now being discussed, proposes holders of Greek bonds maturing in the next three years to roll over half of their exposure into new Greek 30-year bonds.

While European politicians and bankers expressed confidence last week that French proposal would not trigger a default, Gartman thinks sometime down the line, a default is exactly what is going to happen.

“[Greece is] going to stop paying all of its debts,” he said. “It has no choice. You cannot continue to pile on higher taxes, cut spending, watch the unemployment rate to go to 20 percent and expect Greece to continue to pay its debts. It won’t happen.”

While he doesn’t think it will happen tomorrow or next month, Gartman does think it will happen “sometime in the future.”

What's the trade?

Gartman said technically the euro is beginning to show some signs of weakness, and he thinks it looks somewhat bearish.

"We have to see sterling trade down another 150 basis points," he said. "You have to see the yen get above 81 and then all of a sudden the game starts to change as far as the US dollar’s concerned."

But trader Joe Terranova said technically the euro is still in a bull cycle. To get bearish, he said, it needs to break below the 200 day moving average.

“There have been a lot of bearish bets placed on it,” he said. “That’s not been the right trade so far.”

Trader Brian Kelly is also bullish, telling the Fast team he’s still long the euro.

*To see Dennis Gartmans full interview, go about 45 seconds into the video.

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There’s a debate brewing in Washington over tax breaks for hedge funds and on Tuesday CNBC.com Senior Editor John Carney weighed in. He explained to the Fast traders why populists should support the tax break, and how one powerful Senator has it all wrong.

To see the full interview, watch the video now!

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Trader disclosure: On July 5, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long (AAPL) calls; Jon Najarian is long (BIDU) calls; Jon Najarian is long (GOOG) calls; Jon Najarian is long (NFLX) calls; Jon Najarian is long (WNR) calls; Jon Najarian is long (UA) calls; Edwards owns (FXC); Edwards owns (XLK)

For Patty Edwards
Edwards is long (HLF) for clients
Edwards is long (AAPL) for clients
Edwards is long (AMZN) for clients
Edwards is long (SYT) for clients
Edwards is long (POT) for clients
Edwards is long (MSFT) for clients
Edwards is long (QCOM) for clients
Edwards is long (GE) for clients
Edwards is long (VZ) for clients
Edwards is long (XLB) for clients
Edwards is long (SPX) for clients
Edwards is long Nasdaq 100 for clients
Edwards is long gold for clients
Edwards is long silver for clients

For Brian Kelly
Accounts Managed by Brian Kelly Capital are long Australian Dollars
Accounts Managed by Brian Kelly Capital are long New Zealand Dollars
Accounts Managed by Brian Kelly Capital are long euros
Accounts Managed by Brian Kelly Capital own (TBT)
Accounts Managed by Brian Kelly Capital own (WFC)
Accounts Managed by Brian Kelly Capital own (KRE)
Accounts Managed by Brian Kelly Capital own (MOS)
Accounts Managed by Brian Kelly Capital own (IPI)
Accounts Managed by Brian Kelly Capital own (XLK)
Accounts Managed by Brian Kelly Capital are short U.S. Dollars

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of  (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLC
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Dennis Gartman
Funds Managed by Dennis Gartman are long canadian dollars, australian dollars, swiss franc, gold, corn, soybeans
Funds Managed by Dennis Gartman are short yen, euro, british pound sterling, copper

CNBC.com with wires.