Reuters
June 24, 2011
Greece has no choice but to default on its massive debt, which will crush the euro and the European banking system, said John Taylor, chief executive officer of the $8-billion currency hedge fund FX Concepts.
"I don't see any solution to the Greek crisis. It is totally, absolutely impossible for this to work out," he told Reuters late on Thursday. Taylor is short the euro in his portfolio and long emerging market currencies.
"Greece has got to default and it's going to mean Ireland, Spain and Portugal are going to have default as an option. And this is going to mess up the euro and the European banking system."
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