A Greece bankruptcy would actually be a good thing because "it's time for people to acknowledge reality," well-known investor Jim Rogerstold CNBC Friday.
“If you’re bankrupt, go bankrupt, reorganize," Rogers said. "Countries have been going bankrupt for centuries, there’s nothing new about it."
Stocks tumbled Friday amid renewed fears that Greece may default on its debt, as well as the sudden resignation of a key policymaker of the European Central Bank.
Rogers said that if Greece defaults, some other countries will default too—Italy, Spain, Ireland and a few others.
If this happens "the euro will go down a far amount. But I would buy all the euro I could at that point because then that would mean that Europe is going to have a very strong, sound currency," he explained. "People can not lie about their finances anyone, people have to run a tight ship."
"It would be a lot of pain between now and then, but boy if that happened in the next month or so, buy all the euros you can," Rogers said.
The new head of the IMF has said to the [euro zone], ‘guys you’ve got to raise more capital’ [and] they do. They’re the ones who bought all this garbage, why should you and I and Finnish taxpayers bail out banks that made mistakes? I didn’t make those loans, they made the loans," he explained.
In addition, Rogers went on to say he was long the U.S. dollar. “The only reason I’m long…is because everybody in the world, including me, has been terribly pessimistic. And whenever that happens you should take the other side of the trade.”
“So I’m long the U.S. dollar, I have no confidence in it, its going to be a diaster, but as we speak I own probably more U.S. dollars then I’ve owned in years, and certaintly more than any other currency.”
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