Buffett bearish on currencies holding value

Warren Buffett said Saturday that he's bearish about the ability of all currencies to hold their value over time because of massive deficits being run up by governments in the wake of the global financial crisis.

The Berkshire Hathaway Inc. /quotes/comstock/13*!brk.a/quotes/nls/brk.a (BRK.A 115,325, -1,476, -1.26%) /quotes/comstock/13*!brk.b/quotes/nls/brk.b (BRK.B 77.00, -1.09, -1.40%) chairman also warned shareholders attending the company's annual meeting that the Greek debt crisis will produce "high drama" and said it's unclear how it ultimately will be resolved.

The financial crisis was stemmed by massive monetary and fiscal intervention in developed economies like the U.S. and the U.K. That's shifted a private-sector debt mountain on to governments, increasing concern about sovereign risks. (more)