Tony James: Greece and Portugal Should Leave Eurozone

Reuters reported last night that Blackstone Group's BX President, Tony James, thinks Greece and Portugal should leave the Eurozone in order to survive. He noted at a New York Market conference that "They will keep Greece in the euro for a while longer but eventually I think they will have to push Greece and Portugal out of the euro and protect the core of the euro some way." "That will mean that Germany has to pony up and it means that other countries will have to subjugate their budget to the will of the European Union," he continued. Last night the European leaders announced a new actions to tackle the debt crisis. The street welcomed these measures, as the Dow is up nearly 2%, S&P 500 2.2%, and Nasdaq 2.7%.