Transcript for Greece's Impact on U.S.
24 hours ago by the way the stock market was surging you may remember and optimistic but if -- watching your stocks today -- nosedive. The Dow down nearly 300 points so what changed. Well blame it on the country of Greece long criticized for being a disciplined and now threatening American retirements. Here's ABC's Dan Harris. To understand how the problems in tiny Greece 6000 miles away directly impact our savings right here in America. These -- McFarland and -- has -- -- not kissed. -- on -- is from Athens a former bank teller who retired two years ago at the age of 52. Emma who -- sixty and lives in -- is Florida is still having to work around the clock and doesn't have enough savings to retire this is not gonna happen. And check this out -- our maximum Social Security payment is around 20000 dollars a year. Over in Greece where -- -- lives it's twenty grand more 48000. A year -- panel which Ireland and Greece are now. Don't we all this is a country of generous benefits of pools and porsches. And massive tax and Asian. And so here is how am is now pain -- honest in order to pay for all their retirement packages for people like -- honest. The Greek government borrowed big time from banks all over Europe. Now Greece says he can't pay so those banks are facing huge losses and that could -- Europe into a depression. Since America does so much business with Europe and we would be pulled down to and that of course would hurt Emma as savings. The rest of Europe has offered to bail Greece out if Greece imposes some fiscal discipline. Today markets all over the world -- rock -- Greece saying they want to think about it. Really don't appreciate it's known that. Assistance and isn't acting in an -- one -- is told us today he feels guilty about his fat pension plan. Any other Greeks are an apology. Even riding over budget cuts leaving Emma shaking her head and neck Dan Harris ABC news.
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