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.