Bailout

Why should Americans care about Greece?

By Felix Salmon

I was on All Things Considered Sunday, talking about “why Europe’s debt crisis matters to Americans”. It’s a question I’ve been asked quite a lot of late, and I have to admit I’m having difficulty answering it. I’m a sovereign-debt geek — just ask me about collective action clauses, exit consents, and the Sovereign Debt Restructuring Mechanism next time you’re suffering from insomnia — so I naturally find all of this fascinating. But I appreciate that not everybody else does, and I’m having difficulty working out whether they should or not.

So, I have two questions, if I may:

1. Should the prospect of default in Greece or elsewhere in Europe concern the average American?
2. If so, why?

All answers gratefully accepted.

Full post as published by Macroprudential on May 03, 2010 (boomark / email).