Rogers: Spanish bailout is 'absurd economics'

Jim Rogers, the chairman of Rogers Holdings, has described the bailout of the Spanish banking sector as "absurd economics" in a scathing attack on the European Union's approach to the crisis.

Investment veteran Rogers told CNBC the bailouts of Greece and Spain have extended the problem rather than addressing the fundamental issues in the region. "The Spanish bailout is doing nothing more than pushing the problem out to the future. It is making the situation worse. "The solution to too much debt is not to take on more debt. It is the most insane thing I have ever heard. It is going to make the collapse even worse. You should be careful and worried," said Rogers (pictured). European ministers' decision to agree a €100bn bailout for Spain's banking sector at the weekend te...