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With all the problems within our own borders, it may be easy to dismiss the ongoing debt crisis in Europe, particularly Greece. But because of the global nature of our economy, that may not be the smartest thing for the U.S. to do.
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"If the European continental banks were to suffer losses, those losses might cascade down to the U.S. banking sector through counterparty exposure – banks being exposed to other banks," says Kris Bledwoski, an economist with the Manufacturers Alliance/MAPI.
Bledowski discusses the debt crisis in Europe in the latest MDM-Manufacturers Alliance/MAPI Economic Update podcast, available now at www.mdm.com/economic-update.
"Any type of sovereign default (in Greece) would shake up markets worldwide," Bledowski says. For example, American banks that suffer pressures from losses in Europe could have less financing available to domestic borrowers.
In addition, Bledowski advises that if the banking crisis in Europe fails to be resolved, the U.S. Fed will likely step in to provide emergency lending.
However, the extent of the impact is hard to gauge at this stage, Bledowski says. "None of the policy choices (being discussed) are easy or clear-cut," he says. "We're in uncharted territory here."
Click on the video below to hear more about the European Debt Crisis and its impact on the U.S.
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