Gerri Willis Previews Fox Business Network's Complete Coverage of the Greek Elections and Their Impact on the Markets
Sunday at 9p ET, the Fox Business Network has special coverage of the results of the Greek election and worldwide market reaction. Check out what Gerri Willis had to say about this weekend's upcoming coverage:
By FBN Host Gerri Willis
Call it the Greekend. Greek voters facing the decision of whether to stay in the European Union or not. Experts believe a move out of the EU would mean fiscal suicide for the country. Banks, governments and investors are all preparing for ripple effects if the country leaves the EU.
Greek voters’ ballots may well tip the balance for economies all over the world. Though Greece is small, a move out of the euro zone could, some say, set off a domino effect in the region that has suffered a two-year economic crisis.
Some fear shock waves that could cause governments to default on their debts, a run on European banks and a worldwide credit crunch. Even so, polls of Greek voters show that a majority – 80 percent don’t favor leaving the euro zone. But a liberal win could threaten a Greek exit if the party tried to negotiate better terms on its bailout deal and lost.
Already the European Central Bank last year started doling out $1.25 trillion in cheap loans to banks in the region. Last week, Spain asked for help in stabilizing its banks and now its borrowing costs have jumped again, spurring concerns that the $1.25 trillion it received in aid would not be enough. Now, here at home, Federal Reserve officials say they are prepared to reactivate programs.
Turnout for the election could be impacted by not only the weather – a good beach weekend is expected – but also a Saturday soccer match that could stir nationalistic sentiment and influence voters. We’ll be covering all these issues on Sunday at 9p ET on the Fox Business Network.
Plus, get breaking reports from Ashley Webster live in Athens and Rich Edson from Mexico ahead of the G20 Summit.