What is the global economic effect if the U.S. cannot resolve its debt issue by August 2?
I think first our sterling rating would drop, the result of defaulting on a country or two. After that however, I don't think the American Dollar would drop too much, maybe by 2-6 cents, but the EU and other eastern currencies would drop by just as much, mainly the result of luxury reduction and import-export changes.
Thanks for the answer, but I'm also curious about the effect on developing or 3rd world economies that relies heavily on the U.S. market.
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