What will affect the average to below average American if Greece bails out of the Eurozone?
It seems that much of the fallout from a nation defaulting on loans or bailing out of the Eurozone seems to be headed for the big banks, big investors and big corporations who aren't hiring anyone anyway. How would most Americans be affected if Greece and other nations defaulted or quit the Eurozone?
The Us Banking system is currently well insulated from Europe in General. Banks have greatyl deleveraged and insulated themselves as well as possible. However any further worsening of the EU debt crisis can effect global commerce in general. This can cause various problems from credit freezing to more layoffs, to counterparty risks. There is a global economc chain. We are all tied to it in one way or another. Example...Commerce between the EU and China slows, therefore the Chinese loose some excess reserves and buy less of our Treasuries hence pushing up interest rates and acclerating our debt crisis. Mortgages get more expensive along with auto purchases etc. There are any number of ways that this may or may not affect us. Rest assured most of it is short term negatve. The good news is this will probbaly in the long run push some investment capital in the USA as a place to hide.
Absolutely yes, US banks borrow major of their funds to European banks. If European banks default. For sure it will impact the US bank directly.
Perhaps smaller businesses will have an opening to do the manufacturing and other business on more local levels. I would love to see the big banks, the conglomerates and the monopolies fall hard.The little people would get entrepreneurial fast.
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