Two decades ago, European countries were very critical of Latin American and African countries that were saddled with tremendous debt. Now, Europe is facing the same problem–the chickens have come home to roost.
Large US financial institutions are heavily invested in euro zone countries; Bank of America, J.P. Morgan and Citigroup each have over $14 billion invested in the five worst countries. If they default, US bank lending will be curtailed significantly.
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