November 11th, 2011
04:46 PM GMT
(CNN) – Investor Jim Rogers says Europe needs to "start over" to wipe out decades of mistakes and reboot its economy.
Rogers, speaking to CNN's John Defterios, said Europe needed to allow some institutions to fail in order to ensure the system survived.
The process would be "painful, it's going to hurt a lot but after two or three years we will start over from a very strong and renewed base," he said.
He said the euro is a "good thing" and troubled economies such as Greece should remain under its umbrella. "I would stay in, I would take the lumps, I would take pain, I would have huge write offs but I would stay in if I were those countries."
However, he said Europe could be facing a lost decade.
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