Rogers: UK will soon need EU bailout

The UK may need a bailout from Europe soon, as it is not cutting its structural deficit fast enough or by the necessary amount, Jim Rogers said.

The commodities guru said the UK coalition government needed to cut costs further, although it may not be strong enough to endure the deficit reduction required, CNBC reports. Rogers said: "They [the government] are not doing it. They are saying they are doing it but they are not. They are saving £1bn here or there but they are not doing what they really need to and I am not sure the government would survive the kind of pain that is really required. "How can the UK ever repay the debt that is continually rising? The UK will need a bailout soon. You have the advantage that your debt is...