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Greek Economic Collapse: Pulling Europe and U.S. Down?

Economist Benjamin J. Cohen discusses the ramifications of the debt crisis in Greece, one of the four PIGS — Portugal, Ireland, Greece and Spain — whose debt problems threaten economic stability in Europe and the United States.

From Ireland to Italy, governments all across Europe are grappling with sky-high deficits, soaring unemployment, and economies that are stuck in first gear. Nowhere are the problems worse than in Greece, which has an unemployment rate over 15 percent and a government debt load that is well over 150 percent of the country's gross domestic product. Which kinda puts the U.S. debt ceiling crisis in perspective ...

Greece's debts are so high that the entire European financial system stands at the brink of collapse, with even the future of the Euro in doubt. In the podcast, Benjamin J. Cohen — an economist in the Department of Political Science at the University of California, Santa Barbara — explains how a small country like Greece managed to threaten the financial stability of an entire continent. Cohen's work particularly focuses on issues surrounding the Euro. Here he talks about the hidden links that connect the Greek debt crisis to the United States, where money market funds — supposedly one of the safest investments — are especially vulnerable.

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Audio for this podcast includes Bring It On No Vox by Jamie Miller and David Matheson and Cuckoo by His Boy Elroy.