So I don’t watch the news a whole lot or keep up with
current events. The news I do hear usually come from my coworkers, classmates,
and professors. But for this week’s
blog, I have to write about a current event.
I thought I would do something that I doubt anyone else will do. I am going to Greece this summer to study abroad and so I thought I would write about global events. Because though many Americans think that, we are invulnerable. Though our economic crisis is bad here, it is even worse around the world, but we don’t know, don’t care, and don’t want to know about other countries’ problems. The presumption being that what happens in other countries doesn’t affect us. Yet it does, what happens in the global economy directly or indirectly affects our economy, for example, certain events that happen in other parts of the world cause our gas prices to go up (or down).
So here’s what has been going on in a nutshell: Greece is in a lot of debt. We though the economic crisis was bad here, it’s very bad there, so bad that the European Union wanted to push them out of the EuroZone. That would mean that they would no longer use the Euro. However, now they are trying to get another bailout from other countries
How will that affect us? One possible outcome (according to
abcnews.com) will be that the countries lending the money will have less money
to spend on American imports, thus leading to job loss here. I don’t know
enough about economics to say whether this would actually happen or not. I do
see how it would lead to European countries buying less imports from us? Would
that lead to job loss here? Eventually, probably yes. Hopefully, Greece
will come through on their promises of radical changes in spending and it wouldn’t
have to come to that.
I hope that though all of this is going on, that it will not
affect my study abroad trip in a negative way. I will definitely be very
careful when I am there and I know that the University will take extra precautions
to keep us students safe.
Here is a nice video from abcnews.com, it explains much that
I have just touched on and I just don’t know enough about. I apologize if I don't explain everything really well. I just don't do current events very well.
Greek Debt Bailout Could Affect U.S. Economy - ABC News
All my information came from this article:
http://abcnews.go.com/Business/greek-debt-bailout-affect-us-economy/story?id=13879426#.TztQLMWNOeA
I also covered the economic turmoil in Greece... mainly because when I had the assignment on my mind that was the first news article to jump out at me. :) From what I read, Greece defaulting and going bankrupt would have a far greater impact upon economies around the world than this bailout. If they keep needing bailouts, their eurozone partners may finally get fed up with them though. It's cool that you will be going to study in Greece this summer. I hope everything's settled down sufficiently by then and that you have a wonderful experience!
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