Portfolio manager Axel Merk tells Reuters that Europe needs clarity
Axel Merk, president and chief executive officer of Merk Investments, an investment advisory firm that specializes in currencies, said the growing problems with Greece and the euro zone led him recently to dump all the euros in his $517 million Merk Hard Currency Fund [...]
Merk now favors the Singapore dollar[…] Merk said he might look again at Europe if the political and financial situation gets more clarity.
'If there is clarity in the process again, then we will certainly look at Europe again,' he said. 'But not through Greek debt, but through German bills.'"