Faber Says Greece Needs Debt Writedown of as Much as 50%

April 30 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks with Bloomberg's Maryam Nemazee about Greece's debt crisis.

The best solution would be if you had a significant write-off for Greece. in other words, say they owe 100, then they should pay maybe 30 to 50 on the dollar. And the rest would have to be written off by the banks and other governments that have lent Greece money.

When you look at Greece like a corporation, they are basically bust. And if it is bust then it does not help to expand and actually increase loans.

Sovereign Debt Crisis is Next Marc Faber says

The PIIGS may cause the Death of the Euro : Marc Faber

The countries most likely to blow up this time around are the so called "PIIGS": Portugal, Ireland, Italy, Greece, and Spain. One ore more of them, Faber says, will likely default in the next couple of years. And, that could result in the death of the Euro currency.

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Dr. Marc Faber also known as Dr Doom is an investment advisor, investment analyst and fund manager author and publisher of the Gloom Boom & Doom Report . Dr Faber is known for his contrarian investment approach. Dr Marc Faber is associated with a variety of funds and is a member of the Board of Directors of numerous companies.
he became well known for advising his clients to get out of the stock market one week before the October 1987 crash. Dr Doom motto is "Follow the course opposite to custom and you will almost be right"