Europe Risks a Gigantic Systemic Failure

Marc Faber: well, I think the next danger level would be an outright default by Greece and may be by some other countries that would be a danger level . But as I said, it may be be better to take the loss now , it would have been better to take the losses three years ago and the longer you postpone it, the more likely you will eventually have a gigantic systemic failure. 

I think the market will be relieved if finally Greece exited the euro and there would be some clarity. it wouldn't be good for bank shares and insurance company shares but in general I think the markets in Europe are now very oversold and on an exit of Greece, I think the markets would rally because that would be some solution, maybe not the best solution, the best solution would have been never to accept Greece into the eurozone to start with , but it would be some solution and I think the markets would actually rally - in CNBC 25 May 2012