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A Greek default may lead to a default in Italy, Spain and elsewhere, causing massive selling in the euro.Jim Rogers says in this likely scenario — which could begin this weekend — you should buy the dip. He told CNBC yesterday (via @_alea):
If this happens “the euro will go down a far amount. But I would buy all the euro I could at that point because then that would mean that Europe is going to have a very strong, sound currency,” he explained. “People can not lie about their finances anyone, people have to run a tight ship.”
“It would be a lot of pain between now and then, but boy if that happened in the next month or so, buy all the euros you can,” Rogers said.
Rogers also says he’s buying the U.S. dollar as a sheer contrarian play: “The only reason I’m long…is because everybody in the world, including me, has been terribly pessimistic. And whenever that happens you should take the other side of the trade.”
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