Marc Faber, publisher of the Gloom, Boom & Doom Report, wasn't too impressed with the deal by Greece and the European Union to extend payment on the beleaguered nation's debt by four months in exchange for a Greek pledge of continued fiscal austerity.
"The Greek problem has been postponed. It hasn't been solved," he told CNBC.
"And the problem is really they have debt the country with its economy simply cannot serve or pay. The economy is not strong enough to support" the debt load.
Greece's public debt totals 316 billion euros ($358 billion), according to the government. That's 148 percent of its GDP.
While commentators are concerned that a Greek exit from the euro could cause chaos for the global financial system, a bigger risk would be "a closer relationship between Greece and Russia, or Greece and China," Faber said. "That's [what] Western allies want to prevent at all costs."
On another subject, valuations are high in the U.S. stock market, Faber noted. "It doesn't mean the market will collapse right away, but it's not particularly good value compared to say emerging economies," he said.
The S&P 500 index had a trailing price-earnings ratio of 20.53 Friday, up from 17.71 a year ago, according to Birinyi Associates.
As for Greece, other experts expressed skepticism about the debt accord too. "You are asking a people to continue with a long, hard grind when they want to do something else," Gabriel Sterne, an economist at Oxford Economics in London, told The New York Times.
He was referring to the economic austerity demanded by Greece's creditors.
"It’s a shortterm agreement to tide Greece over, but it doesn’t even do that in the sense that Germany has said they won’t release money until the Greeks legislate reforms," Mujtaba Rahman, chief Europe analyst at the Eurasia Group, told The Times.
"It’s not nearly enough to get Greece past the worst."
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