Greek Deal Does More Harm than Good: Jim Rogers

Bailing out Greece will do more harm than good, as the country has never managed its budgets properly, and it's not about to start now, famous investor Jim Rogers told CNBC Friday.
The euro zone has been long deliberating a way to help Greece out in case it needs aid to finance its public debt.
Finally, on Thursday, a deal was struck between euro zone countries that will provide the country with a monetary safety net, with the involvement of the International Monetary Fund.
"The Greeks have never lived within their means, and I suspect this time they won't either, until they're forced to by either bankruptcy or by someone just refusing to give them loans," Rogers said.
When the European Monetary Union was created, participating countries agreed to a set of guidlines called the Maastricht Treaty that was designed to help keep the euro area fiscally sound.
Rogers says, though, even from the begining, several countries chose to ignore the treaty and play by their own rules. Rogers says it's not the treaty itself but the execution, or lack thereof, that is to blame.
"That's what the original treaty said in the first place, no one is going to have a deficit of over 3 percent of gross domestic product. And you see what's happened ever since.... nobody, well, very few people, countries in Europe have maintained that guideline," he said.
Other countries that sinned in similar ways to Greece are big players in the area, Rogers added.
"A few years ago the French came up with some phoney bookkeeping that was so absurd that even the Italians were stunned... and the Italians have been using phoney bookkeeping for centuries. This is rampant in Europe," he said.