Billionaire investor Warren Buffett says the recent leadership changes in Italy and Greece should help those countries, but Europe's debt concerns will continue to hurt the economy.
Buffett told CNBC on Monday that investors are losing confidence in the euro, but Europe doesn't have anyone with the authority to take the measures needed to defend the currency.
He says stopping a run on a currency is difficult. He said that when the U.S. economy began to contract in late 2008, the Federal Reserve and Treasury were willing to do whatever it took to revive business.
Buffett says no one in Europe has comparable authority to the Federal Reserve.
Buffett is chairman and CEO of the conglomerate Berkshire Hathaway Inc.
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