Its a much deeper problem then that. Some are saying the 50% greek debt haircut is no different then a default for all intensive purposes. Italy is jacked up, spain, etc. If they cant get things worked out expect bad bad things for the euro and the eurozone et all. Since its a global market, we hold their debt, most of our big banks took the risky bet on them too, less cash because of that, less money they're willing to loan etc etc, its all interconnected.
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