How Bad Is Greece? Worse Than You Think: Ross

English: Various Euro bills. (Photo credit: Wikipedia)

Though other parts of the continent are improving, Greece actually is worse up close than it appears from the outside, investor Wilbur Ross told CBNC. Ross, a vulture capitalist who seeks to turn around distressed companies and who has invested heavily recently in Ireland, toured the region and said he found the country in disarray, with many citizens expecting Greece to leave the European Union so it can establish its own currency and pay off its onerous debt.
“There’s almost a feeling of resignation both among the people on the street and the wealthy people that eventually Greece doesn’t stay in the EU,” Ross said in a “Squawk Box” interview. That’s not necessarily a bad thing, said Ross, who believes that the impact of a Greek exit now will be less than it was earlier, when some economists feared that if Greece left it would trigger other debt-laden nations to do the same and lead to a larger crisis.
Greece would benefit from having its own currency, which it could devalue and make it easier to repay its more than $400 billion insovereign debt. ... Continue to read.

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