Euro and pound will no longer exist soon

Jim Rogers, a prominent expatriate American investor and financial commentator, said on Wednesday that the euro and the pound are unlikely to exist as currencies over the long term.

"The euro will probably break up in the next 15 to 20 years," Rogers said in an interview. "Don't get me wrong, I own the euro."

"We've had currency unions in history, they didn't survive, this one won't survive either," he explained.

As European Union is highly concerned about Greece’s sovereign debt the euro is suffering a strong pressure. European Union finance ministers agreed to bail out Greece if it will need aid because of its growing public debt, which is forecast to exceed 120 percent of gross domestic product this year.

"If (the euro zone helps) the Greeks, that weakens the fundamentals of the euro," Rogers warned. "As the next government comes to demand concessions, they weaken the currency from within."

"I would let Greece go bankrupt because then everybody will say the euro is a serious currency," he told "Worldwide Exchange."

Meantime, the British pound will come to its end because of Britain's "gigantic debt and huge trade deficit," he said, adding that he doesn't own sterling. Rogers notes that while North Sea oil and London's place as a financial hub which has been long supported the country as pillars are fading and nothing is seen to replace them.

"Most Western currencies, most currencies everywhere are very suspect," Rogers told "Worldwide Exchange."

The Chinese renminbi may replace other currencies in 20 years, but it is "absurd" to think of this now, as it is still a controlled currency, he said.