Warren Buffett, investing billionaire and CEO and President of Berkshire Hathaway, is not quite convinced that Greece leaving the Eurozone is actually going to be a bad thing.
“I’ve thought the euro has structural problems from the moment it was put in, which does not necessarily mean it will fail,” said Warren Buffett on CNBC in an interview with Becky quick.
Warren Buffett also noted that it’s not “ordained” that the euro has to have all of the same members that it has today in the future.
However, it is ordained that the members of the euro will all need to have what Buffett refers to as “compatible management” of their respective economies. He also adds that it might not really be a huge deal if eventually Greece were to leave the economic bloc. “The Germans are not going to fund the Greeks forever,” said Buffett.
“The euro is not dead, and may never be dead,” said Buffett. “But it can’t live with people going in dramatically different directions.”
This discussion about Greece came about when Becky Quick asked Buffett about Charlie Munger’s (Berkshire Hathaway Vice Chairman) comments last week regarding Greece. Munger said that you cannot “vote yourself rich” and also said that the current solution for Greece is “idiocy.”
Greece currently finds itself smack dab in the middle of touch and go negotiations with creditors in Europe over the specific reforms that the government has to enact as part of their bailout deal.
According to Buffett, whether Greece leaves the euro or not remains to be seen, but he says that he has no idea. “Maybe Charlie does,” said Buffett.