US Concerned About European Economy’s Volatility due to Greek Crisis

The US administration is concerned that the European economy’s instability caused by the Greek financial crisis might impact the United States, White House Press Secretary Josh Earnest said in a briefing on Wednesday.

WASHINGTON (Sputnik) — Earnest explained the United States has an important economic relationship with the European Union (EU) particularly regarding exports.

“That’s why we monitor significant financial events on the European continent,” he said.

“There is very little direct risk to the US economy from the Greek economy,” Earnest said. “The risk that we are concerned about is the impact that some additional volatility in the European economy could have on the US economy.”

On Tuesday, Earnest said the United State was not planning to provide financial assistance to Greece. He sid the EU and the Greek government should find a compromise in order to solve the crisis.

Greece is one of the EU countries worst hit by the 2008-2009 financial crisis. Its overall debt stands at about $350 billion, $270 billion of which is owed to the European Central Bank, the International Monetary Fund and some Eurozone countries.

On Sunday, 61 percent of Greeks voted against international creditors’ proposals that envisaged continuing austerity in exchange for new funds to enable Greece to function and stay solvent.