Michele Norris of NPR talks to Michael Mackenzie, U.S. markets editor at the Financial Times, about Europe’s deepening debt crisis: how it started, what the global markets can expect and what that all means for the U.S.
MICHELE NORRIS, host: As we just heard, the Eurozone crisis has been unfolding for more than a year. But the story involves so many different countries with different levels of economic health and very different political agendas that it’s easy to lose sight of the problem, where it began and how we’ve come to this point.
To give us a refresher on the fundamentals of the Eurozone crisis, we’ve called on Michael Mackenzie, the U.S. markets editor for the Financial Times. Mr. Mackenzie, welcome to the program.
MICHAEL MACKENZIE: Thank you.
NORRIS: Now, for clarity’s sake, I’d like to think of the crisis as a spider web. And let’s start at the center. I’m assuming that the spider in this web right at the center would be Greece. Explain what would happen to that web if Greece does finally default.
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