Europe is far away and some of the European countries over there are small and insignificant.
Why worry about what’s happening in Greece?
Do you remember the tremors Iceland’s near bankruptcy sent around the globe? It turns out that Iceland was an early warning — what happened in Iceland would soon thereafter be reality in the U.S. and Europe.
Greece could be the new Iceland. If it isn’t Greece, it might be Portugal, Italy, the United Kingdom or Dubai, there are plenty of contenders. For right now however, it’s been decided that Greece poses no problem. Wall Street applauds every attempt at another bailout.
The European Union (EU) and the International Monetary Fund (IMF) have just agreed to provide joint support. The discussed measures, however, will not make money available immediately but will act more as a safety net if Greece is not able to raise money on their own, which they have indicated they won’t be able to.