Thursday, October 27, 2011
Five ways the European debt crisis
could affect the U.S.
1. U.S. banks are 'tethered' to those in Europe
2. A potential threat to U.S. exports
3. U.S. companies' investments in Europe at stake
4. The potential impact on individual investors
5. A 'dramatic effect' on the 2012 election?
OCT-27-2011--WASHINGTON – The financial crisis that began in the United States in 2008 swept across the Atlantic Ocean to Europe. Now, U.S. political and financial leaders are hoping that a tentative deal to relieve Europe's government debt crisis will prevent a similar tsunami in reverse.
They had reason to smile Thursday. Meeting for the 14th time in 21 months, Europe's leaders announced a 50% reduction in Greece's loan repayments to private lenders, a $1.4 trillion rescue fund to keep credit flowing to other troubled nations, and a requirement that banks boost their reserves by the middle of next year.
The deal gave an immediate boost to financial markets; the Dow Jones industrial average closed almost 3% higher Thursday.
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GOVERNMENT MORTGAGE RELIEF