Greece's Economy and How It May Affect the US

PHOTO: An army contingent carry a Greek flag in front of the Temple of the Parthenon before a hoisting ceremony at the Acropolis Hill in Athens, Greece, June 18, 2015.PlayYorgos Karahalis/AP Photo
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Greece's economic crisis contributed to a dip in U.S. stocks today, but Americans may have learned their lesson from their past exposure to the nation.

After the Greek people voted "no" for creditors' austerity measure, a "Grexit," or a Greek exit from the European Union, may or may not happen. With two previous bailouts for Greece on the books, many investors have limited their exposure to Greek debt, leaving many Americans' 401(k)s relatively untouched.

Rice University economist Ted Loch-Temzelides acknowledges there's concern, but he said he doesn't believe Americans will be affected in any noticeable way by Greek's crisis.

"Markets don't like uncertainty and they react briefly to unusual news like this," he said. "However, the Greek risk has already been priced in and I do not anticipate any further consequences for the U.S."

Investor uncertainty over Greece this year started as early as January, when Greek elections rocked markets as the far-left Syriza party came into power.

Greece isn't a major exporter to the U.S., though the country provides about 25 percent of the European Union's olive oil. The Association of Cretan Olive Municipalities told Olive Oil Times last month that Greece's referendum announcement and bank holiday stopped bulk olive oil transactions. The association did not respond to a request for comment from ABC News.

PHOTO: Traders with Barclays work at the New York Stock Exchange, July 6, 2015. World markets are trending downward following Greeces no vote in Sundays debt referendum.AP Photo/Mark Lennihan
Traders with Barclays work at the New York Stock Exchange, July 6, 2015. World markets are trending downward following Greece's "no" vote in Sunday's debt referendum.

But other economists fear the larger macroeconomic effects of a "Grexit."

"Turmoil in Greece and a potential exit could cause market shock waves in the U.S.," said Lindsey Piegza, Stifel's chief economist.

She added, "Equity markets are likely to stumble under the blanket of not knowing what is next."

First, there is uncertainty over what could happen to the U.S. dollar.

"Fears of what a Grexit means and the possible contagion to other indebted countries is likely to cause volatility first and foremost, with upward pressure on the U..S dollar," she said.

PHOTO: A souvenir shop selling olives and olive oil products in Kerkyra, Corfu Town, Greece.Tim Graham/Getty Images
A souvenir shop selling olives and olive oil products in Kerkyra, Corfu Town, Greece.

The value of the U.S. dollar closely affects the country's many exporters.

"Already a strengthening dollar has eroded exports and manufacturing, sending business and revenues overseas-- a trend that will likely be exacerbated," she said.

There's also concern about not only the U.S. equities but also the bond market.

Piegza adds that a "flight to quality" trade is already underway with yields on German and U.S. bonds falling and peripheral yields on the rise.

Europe is more exposed to Greek's financial problems. The euro slid to a one-week low against the dollar recently before bouncing back today to more than $1.10.

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