Weekly Wrap: Greece and American banks
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Weekly Wrap: Greece and American banks
John Carney from CNBC and Felix Salmon from Reuters discuss this week’s news on Wall Street and beyond.
If Greece doesn’t get a deal:
John Carney: So Greece has, on March 20th, a tremendous amount of debt that’s coming due. They do not have the money to pay it off. This will be a gigantic default that would put several European banks in trouble, and we would have an enormous international financial calamity.
Felix Salmon: I don’t think it would be that bad, to be honest. Well, it is a default, there’s no two ways about it. If you don’t pay back $14 billion when it’s due, that’s a default. The only question is: Will you replace that amount that you owed with something else and keep on paying that, or will you just owe that $14 billion and have that paper be in default?
For more analysis, listen to the full audio above.
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