Mobius: Greek bailout makes no sense

Franklin Templeton's Mark Mobius says letting Greece default on its debt would be the best way to ease the European fiscal crisis and calm contagion concerns.

Mobius, known as the ‘godfather of emerging markets', says Greece should consider restructuring its debt to pay 25 to 50 cents for every dollar owed, cutting its borrowing to a more sustainable level. Lending aid to Greece may drag down the European Union as other indebted nations seek a bailout in turn, he says. "A default will help to plug the leak," Mobius says in an interview with Bloomberg Television. "A bailout at this stage does not make sense to me. "The Greeks are rich. If you look at what happened during the Olympics, they raised $10bn (£6.6bn) and there are only 10 milli...