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Tuesday, March 09, 2010

Greece Is Obama's Problem?

It's difficult to wrap your mind around this:
In a speech at the Washington-based Brookings Institution yesterday, Papandreou said the Greek crisis posed a financial risk to the U.S.

‘Trade Deficit’

“For America, a weak euro means a rising dollar; that, in turn, means a rising U.S. trade deficit,” he said. If the EU, the U.S.’s biggest trading partner, “should falter, the consequences here would be palpable.”
Heh. Greece is tiny - the risks to the Euro are found in the high debts of other European countries, like Italy. The US cannot do anything about all that debt - the US needs to look to its own debt, and the debt of its individual states.

To think that only a couple of years ago the Euro was being pushed as a reserve currency....

Comments:
Greece is a economically important to the EU as the counties of of San Bernardino and Riverside are to the US. Yawn.
 
Big Picture has the Welsh Investment letter up..great read..

www.ritholtz.com/blog/2010/03/welsh-investment-letter-–-february-2010/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)
 
Dude's figured out that the Germans are NOT going to pay for Greek excesses, hence he's wandering around in search of money. If I recall correctly, he's already visited Russia and gotten the same runaround that Iceland did.
 
And no wonder. To use Rob's metaphor, Iceland is as economically important as Minneapolis.
 
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