Warren Buffett: Not Saying Euro Won't Continue But More Will Be Needed To Make It Really Function Well

As the economic situation in Greece continues to worsen, there are high chances that the country may leave the Euro area. Berkshire Hathaway Inc. BRK BRK CHAIRMAN, Warren Buffett, was on CNBC Wednesday to provide his perspective on the turmoil faced by Greece and its impact on Euro. Euro Needs To Be Modified "Well I have always felt that the present arrangement with the Euro would not stand the test of time and the sense that it would have to modified in some version," Buffett said. "What you did was you harmonized the currency without harmonizing all the other things that have big affects on a currency and over the long run [I felt] some adjustments would have to be made to that and the Greek situation may [even] yield the [Street] the kind of adjustments that are needed." He continued, "It was a situation where you said ‘we are going to have a common currency', but we are not going to have common fiscal policies or common labor practices and a whole bunch of other things." More Will Be Needed Buffett also remarked that, "I am not saying the Euro won't continue because I think the odds are good that it will, but I think more will be needed to make it really function well and I think the Greek situation just has dramatized the problem." No View On Soros Comment Buffet was asked what he thinks of George Soros' prediction on Tuesday that there is 50-50 chance that Greece can ‘go down the drain'. He replied, "I have got no view on that, but the Greek situation does show that certain modifications , but as I said before our constitution has been amended a number of times. So, whatever came out of the shootup back in the 1990s [it] may have to get modified in some ways and probably will."