In the News: CNN Money

Portfolio manager Axel Merk tells CNN Money Europe doesn't know where it wants to go

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'Greece is not the biggest concern. The biggest concern is that the process has become more dysfunctional,' said Axel Merk, president of Merk Mutual Funds, a Palo Alto, Calif.-based money manager specializing in currency investments. 'Bad news is better than no news. Europe doesn't know where it wants to go.'

Merk said his funds have been selling euros, mainly due to worries about the lack of tangible progress in solving the continent's many woes. But he added that ripping the Band-Aid off and allowing Greece to leave in a disorderly, chaotic way might be the best thing for Europe in the long-term…"