Euro zone not working, words alone won't fix it: Buffett

By Chikafumi Hodo

IWAKI, Japan | Mon Nov 21, 2011 7:55am EST

(Reuters) - Billionaire investor Warren Buffett said Europe's debt crisis had shown up a "major flaw" in the 17-member euro zone system and it would take more than words to fix it.

"There is a major flaw in the euro system ... I do know the system as presently designed has a major flaw and that flaw won't be corrected just by words," he told CNBC during his first trip to Japan on Monday.

Buffett, dubbed the 'Oracle of Omaha' for his long track record as a value investor, said he had no idea how Europe's sovereign debt crisis, which started in Greece two years ago and rages on, would end, though he noted there were good valuations among companies in Europe.

"Not in the debt space, but in the equity space there are opportunities. I can think of a dozen euro stocks that are attractive ... there are stocks I like and wonderful businesses.
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