Tuesday, March 09, 2010
Greece Is Obama's Problem?
In a speech at the Washington-based Brookings Institution yesterday, Papandreou said the Greek crisis posed a financial risk to the U.S.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.
“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.”
To think that only a couple of years ago the Euro was being pushed as a reserve currency....
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