Some finances such as the Germans still have some credibility

Jim Rogers : Jon, how can they not? How can they not? Are you going to put- I'll ask you again, are you going to put up the money because I'm not. Eventually, letting these debts go higher and higher and higher means the pain will be worse in three years, Jon, or five years or whenever the market says, that's it, no more. Now at least if you do it, the government still have some credibility and some finances such as the Germans. You put everybody in the room, you say, okay, you're going to go bankrupt. Your banks, Europe's financial institutions has got to survive. Everybody's checks will continue to clear.The system is going to stay up, stay stable and stay upright. ...in five years, there would not be anybody to pull into room and say, okay, we're going to hold you together. Nobody will have any credibility anymore. - in Reuters Interview

5 years from now, We may have a complete collapse of the Euro, the EU and the Western world

Jim Rogers : Well they don't have to leave. In America, we've had states go bankrupt, cities, counties. This has happened before. It didn't end America, didn't end the US Dollar. You let entities collapse, go bankrupt. This happens all the time. This happened throughout history. That's all you have to do, let them go bankrupt, let the people who made the bad loans take their losses and start over from a sounder base. But just pushing into the future and letting debt go higher and higher will mean it's going to end very, very badly and then you know, five years from now, you may have a complete collapse of the Euro, the EU and for that matter, all the Western world. - in Reuters Interview

Greece to accept the Austerity measures or go bankrupt

Jim Rogers : Jon, if they don't, they go bankrupt. Who's going to put up the money? Are you going to put up the money to bail them out anymore? Somebody's got to have money in order to solve these problems. Let the Greece refuse to accept it. That's fine. But then where would they go to get their money? - in Reuters Interview

Jim Rogers : Greece should declare bankruptcy

Jim Rogers : Should they stay in the EU? Of course, they should. And they should stay in the Euro as well. But what they should do is declare bankruptcy and everybody takes some losses, and there will be huge losses. You ring fence the bags and you know, make sure everybody's checks clear. But just pushing this out into the future, you know, all of these plans, Jon, show everybody deeper in debt next year; deeper and deeper in debt in two years; deeper, deeper, deeper in debt in three years. This is not going to solve our problems. - in Reuters Interview