Monday, September 12, 2011

Why does Greece matter to the US markets?

Yesterday, I spoke on the Angel Clark radio show out of Delmarva, Delaware, and one question she asked was very pertinent to the direction our economy will take, dependent upon the resolution.

How does Greece affect the United States?

Here is a picture of the amount of Greek debt owned by US, and other European Banks, and the repurcussions that a default by the decendants of Sparta, Thebes, and Athens would create.

You will notice that the US holds more bank debt than sovereign debt, and not only would they take the losses from a Greek default, but it would trigger more losses as other Euro banks default themselves for their holdings.


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