Though pleased by the size of the haircut for Greek bondholders, international investor Jim Rogers says the deal isn't enough to save Europe, and the problem is likely to come back to haunt investors in the near term.

Rogers has welcomed last night's eurozone deal, saying the size of the haircut for Greek bondholders was much higher than he had expected.

"Never in a million years did I expect them to impose a haircut of 50 percent, this shows at least somebody is starting to accept reality," Rogers told Investment Week.

 

However, Rogers says, "Politicians have delayed addressing the problem yet again."

Jim Rogers (Getty Images photo)

"It will come back in a few weeks or a few months and the world will still have the same problem, but this time only worse because the European Central Bank and other countries will be in deeper in debt."

Rogers reiterated that widespread haircuts across Europe are necessary to truly resolve the crisis. "Greece is bankrupt, but others are too, and these haircuts will have to come back and be wider," he says, adding that this morning's global stock market rally had the potential to last for a while.

"There has been a major overhang, so we will see the easing of some pressure, but the problem will come back because the Western world still has not dealt with its debt," sys Rogers.