Buffett: Grexit Not A ‘Bad Thing’

Warren Buffett thinks that if Greece, currently facing the growing possibility of exiting the eurozone, ended up leaving the union, “that may not be a bad thing for the euro.”

Asked by CNBC on Tuesday whether it could be a good thing for struggling Greece to become the first country to drop the euro, Buffett said, “it could be a good idea [in] several ways if everybody learns that the rules mean something.”

“If it turns out that the Greeks leave, that may not be a bad thing for the euro,” he added.

The oracle of Omaha said that it was not “ordained” that the 19-country single currency union had to have “exactly the same members it has today” but it did need adequate management, he believed.

“But it is ordained that over time the countries in the euro zone have to have somewhat compatible labor laws, fiscal deficits, general management of their economy that don’t result in outliers that really aren’t playing the game the way the rules are supposed to be and we may find out very soon about Greece,” he said.

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