Tags: dennis | Gartman | Doomed | Euro Breaks | Apart

Gartman: Doomed Euro 'Eventually Breaks Apart'

By    |   Tuesday, 30 Nov 2010 08:46 AM

Europe’s debt problems are strong enough to make the euro split apart, says investment guru Dennis Gartman, publisher of the Gartman Letter.

“The euro has almost terminal problems ahead of it,” he tells CNBC. “It’s just a rolling contagion from one country to the next.”

The euro hit a two-month low of $1.3064 Monday after the eurozone’s bailout package for Ireland didn’t calm investor concerns.

“It’s not just Ireland or Portugal or Spain,” Gartman says. “Soon we’ll see Belgium go to center stage. That’s right at the heart of Europe. You have philosophical, religious, political problems.”

Any rallies by the euro should be taken as an opportunity to sell it, he says. “Those problems will be there for a long time.”

So what’s the ultimate result? "Eventually, the euro breaks apart into a northern euro and a southern euro,” Gartman says. “How it resolves itself is anyone’s guess.”

He doubted the euro’s stability from the start. “I was never supportive of the euro from the outset nor shall I be going forward,” Gartman says.

Others see trouble ahead for the euro too.

“The currency markets are being completely driven by the credit markets, and until the credit markets in Europe show any bit of stabilization it’s hard to imagine the euro finding a significant bottom,” Boris Schlossberg, director of research at currency trader GFT Forex, tells Bloomberg.

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Europe s debt problems are strong enough to make the euro split apart, says investment guru Dennis Gartman, publisher of the Gartman Letter. The euro has almost terminal problems ahead of it, he tells CNBC. It s just a rolling contagion from one country to the next....
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Tuesday, 30 Nov 2010 08:46 AM
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