Buffett says euro destined for failure without rule changes

Warren Buffett, chairman of Berkshire Hathaway Inc, said the euro is destined for failure and must be reworked if the 17 countries that share the currency are to keep their monetary union.

“The system that they put in place had a fundamental fatal flaw,” Buffett said on Friday on Bloomberg Television’s “In the Loop With Betty Liu” in an interview from the Allen & Co media conference in Sun Valley, Idaho. “It can’t survive with the present rules. That’s what they’re learning. The question is, can 17 countries get together in a way to essentially re-do something.”

He also said he may increase his journalism bet as publishers seek to get rid of newspapers with falling sales. “I like buying individual papers at the right prices,” Buffett said.

Buffett has been expanding Berkshire’s media operations in the past year.