Wells Fargo economist says there’s no need to panic about Greece’s impact on the U.S. — yet
This is a bizjournals.com article
Jay Bryson does not expect a financial doomsday in the U.S. as a result of the turmoil in Greece — at least not anytime soon.
Bryson, managing director and global economist for Wells Fargo (NYSE:WFC), says U.S. financial institutions won’t be affected much as Greece scrambles to save its economy.
Meanwhile, European banks saw their largest decline since 2011 after Greek Prime Minister Alexis Tsipra on Sunday called for a July 5 referendum to decide his country’s fate and closed Greek banks for six days. The vote will determine whether Greece accepts the terms of an offer from its creditors to release bailout aid it needs, according to The New York Times.
Greek banks shuttered; what’s the impact for U.S. investors?
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U.S. banks and other financial institutions in this country don’t own much Greek debt, Bryson noted. European banks and the International Monetary Fund own most of Greece’s debt, so they will be most affected by Greece’s dire financial situation.
“If there is going to be any default in Greece, the vast majority of losses will be borne by those institutions,” Bryson told the Charlotte Business Journal today. “Direct fallout on U.S. is really pretty limited.”
To understand how Greece will affect the global economy, we have to wait until the referendum on July 5, he said.
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