Marc Faber's Black Swan Scenario for Europe

Marc Faber : I think what might move the market if some countries say we had enough. we exit the Euro. and if Greece starts that, it's not going to be a disaster. but if Greece, Portugal, Spain and Italy do it, then it will have a huge impact. but don't ask me exactly what the impact will be because if at the end of the day only strong countries are in the euro zone, maybe the euro will sink them. but huge problems will arise in the derivative market and obviously the countries that will be in the euro zone they will default - in CNBC

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The Euro Downgrade not necessarily good for Europe

Marc Faber : yes, i suppose so. but at the same time the European corporate sector has of course a lot of u.s. dollar debt. and that makes it more expensive to service these debts. - in CNBC

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The Euro is in a down trend

Marc Faber : I don't think it will matter much (the S&P downgrades ). it will matter to the value of the euro. and i think the euro is basically in a down trend. having said that, the short positions in euros are very large. and you could countertrend rally maybe we're now around 126.50. uh-huh. maybe we can rebound to around 130 against the u.s. dollar. but i think the trend for the euro is down - in CNBC

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