Thursday, December 22, 2011

No need for money exchange, greece can use drachma

Faber comments on Greece.
"It's going to be painful, very painful, But rather than to intervene into something that is not going to work in the long run … [intervention] is the wrong medicine." Mentalities in Greece, Portugal and Spain are totally different from that found in Germany, making forging and carrying out agreements difficult.

Greece could conduct transactions in drachma and euros or dollars. "The same is true in Latin America." says Faber. "I pay in dollars, I never exchange any money."