Marc Faber : Europe Should Accept Austerity

Marc Faber : "There is no resolution to the problem in Europe because no one wants to accept austerity."
"The best outcome for Greece probably would be to exit the euro zone. But the new Greek drachma would depreciate by 50% to 70% against the euro. The Greeks don't want their pensions paid in a depreciating currency. Nor do they want austerity, as their pensions and government salaries would be cut by 50% " - In the new issue of Barron's