Emerging Markets Guru Mark Mobius - Europe Has to Default
This creates doubt among small savers in banks throughout Europe about the safety of their deposits. He thinks this is a short-term concern that will go away with time.
Mobius thinks that at the end of the day there has to be some sort of default in Europe. The key will be the form of the default.
He thinks eventually there will be a deterioration in the strength of the euro, especially against emerging markets currency.