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Reply #4: The first thing to remember we have a GLOBALIZED System.
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OHdem10
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Wed Oct-05-11 11:39 AM
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4. The first thing to remember we have a GLOBALIZED System. |
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In a sense all Western Countries including USA are JOINED AT THE HIP. A lot of Americans do no understand this accoring to a Business Program I saw the other night.
The Euro-Zone are interdependent. Right now Germany is financially in the best position to help others(Greece). Germany is between a rock and a hard place. German Citizens are loudly protesting their tax payer money be used to bail out Greece. The German Leaders for the most part believe they must help so they are demanding Austerity be put in place in Greece. Greek Citizen are defiantly opposing the severe cuts which are required by Austerity. It gets touchy because many European Countries hold Greek Debt. What happens to France (holding Greek Debt) if Greece just defaults and pulls out of European Union? Does this cause a Domino effect with other countries, Italy Spain and Portugal becgin to falter and get to possiblity of defaulting? Now with all this USA BANKS have ties to many Banks in these countries. More losses for USA.
My understanding is shallow but I think we can see how we are all on the precipice of another recession.
I have heard people say Greece would be better off to default. Maybe good for Greece but what about other countries with ties to the banking syatem there??
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