Friday, June 17, 2011

Americans need to pay attention to Greece and I don't mean for Vacation ..

About $30 billion dollars of Greece's debt is held by U.S. banks.

The Greeks have been insolvent for years.

French and German banks hold a large portion of the Greek debt as well. If they have problems, then are banks have problems as well.

    Prime Minister George Papandreou has struggled to get support for a new package of $39.5 billion in spending cuts and tax hikes demanded by the European Union and the International Monetary Fund, which last year granted his debt-ridden nation $155 billion in bailout loans.

    The fiscal measures recently imposed have sparked riots on the streets of Athens and opened criticism from Papandreou's Socialist lawmakers. Papandreou's desperate efforts to form a coalition government with the opposition conservatives collapsed this week.

It's a globally intertwined World and that means our Money as well.

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