And that doesn't help our economy, as we (and every other European trading partner) will likely see exports to Europe drop, thus hurting our economies even more, causing us to buy less from Europe, which hurts their economy even further. It's a big vicious circle in this interconnected world. And all of this doesn't take into account what will happen if things go south on the
Greek or
Italian debt deals.
Wash Post:
Europe may be slipping into a “deep and prolonged recession” as high levels of government debt, financial market turmoil and political paralysis stoke a dangerous downward cycle, the European Commission said Thursday.
The commission’s latest survey emphasized that there is no safe haven from the slowdown. Even the euro region’s large economic stalwarts, France and Germany, will see growth plummet to less than 1 percent in 2012, far slower than the commission forecast in the spring.
