Transcript for European Woes Send Stock Markets In Turmoil
We turn out of the economy the average 401K. Lost 4000 dollars Wednesday as the Dow plunged some 400 points the big concerns. Italy defaulting on its debt which could send the global banking system. And absolute freefall Jimmy we can make -- -- on a military has been covering this ball for -- and here two weeks. Plan -- -- Monday morning -- Joshua Italy the world's seventh largest economy is a country that literally is too big to fail. But the question this morning is it also too big to say -- -- remember all that worry about Greece defaulting. -- the fear was their Greek collapse would trigger a domino effect bringing down bigger countries like Italy. And that is what's happening now Italy's interest rates have skyrocketed. Making it harder to pay down their debt which is more than the debt of Greece Ireland and Portugal combined. That is has a direct effect on the U west Europe is our largest trading partner. And credit has already tightened here meaning that American businesses have less access to money into growing create jobs. So what's next Italy is rushing to slashed budgets and form a new government that's helping to bring out their borrowing rates a bit this morning. But they will likely be an outside lifeline to bail them out it may have to be the European Central Bank but right now known as that money will pump which of course is a huge question thank -- beyond.
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