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How the Greek Debt Drama Could Affect You Comments

  • By MP Dunleavey
  • June 18, 2012

MP Dunleavey

My husband and I were thinking of selling our house this summer, despite the crummy market. But when we asked our realtor if we had a prayer, she said: “It depends on what happens in Europe.”

Europe?

Yep. You might not be caught up on the fact that Spain got a $126 billion bailout last week—or that Greece may stay in the eurozone after all, thanks to yesterday’s elections.

But you should know that when the mierda hits the fan over there, it spreads farther than you might think—influencing your refi, your college plans, your 401k.

Why? In a word: Uncertainty.

The U.S. has loaned billions to European countries. A few (including Spain, Greece, and Italy) are so heavily in debt to us and other countries that it’s unclear how they’ll recover.

This is a very complex issue (duh). But basically: there’s so much global instability right now, banks and markets here are likewise fraught with uncertainty.

So my husband and I are taking the long view—not selling this year, but maybe next. All you can really do is stay calm and alert—and keep the conversation going, so you’re always clued in.

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Bail (out). Is the European crisis creeping into your backyard?

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