Buffet: Eurozone Not Working

Billionaire investor hails Japanese business during Fukushima visit
By Rob Quinn,  Newser Staff
Posted Nov 22, 2011 1:15 AM CST
Warren Buffett appears with execs at the headquarters of cemented carbide tool supplier Tungaloy in Fukushima prefecture.    (AP Photo/Shuji Kajiyama)
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(Newser) – The European debt crisis has exposed serious problems in the 17-country Eurozone that will require radical changes to fix, warns Warren Buffett. There is a "major flaw in the euro system," the billionaire investor said yesterday while on his first visit to Japan. "That flaw won't be corrected just by words." Buffett said that while he has no idea how the debt crisis will end, he could think of at least a dozen European stocks still worth buying, Reuters reports.

Buffett, whose trip to Japan was delayed by March's earthquake and tsunami, spoke at the opening of a tool-making plant just 25 miles away from the crippled Fukushima Dai-Ichi nuclear plant. He said neither the disasters nor the accounting scandal at Olympus prevented him from considering investing in Japan a wise move. "My view on Japanese people and Japanese industries is unchanged," he said. "We just had a demonstration over months that the tsunami did not stop Japanese business and the people."

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