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Greece and Portugal Are 'Gone': Analyst

Friday, 3 Jun 2011 | 2:00 AM ET

"We all know Greece and Portugal are gone, they were gone six months ago... it's math and they are gone, you simply cannot sustain the debt level versus GDP," Peter Toogood, head of investment at Old Broad Street Research told CNBC Friday, adding that the EU will continue to give money to faltering economies to maintain the "political project" of the euro zone.