The Economies of Greece, Spain and Turkey Affects America
Unfortunately, the economies of Greece, Spain, and Turkey have recently been severely harmed by worldwide financial crises. The economy of the United States has inevitably affected the economies of those countries and, in turn, has been affected by them.
Greece’s economic troubles have probably been the most widely publicized. Spain had quite a robust economy prior to the severe downturn of 2008. Turkey’s economy is still often considered to be “developing’. The development has largely halted in the wait of the global financial crisis, but it has actually gained ground relative to other, more developed, countries that have been very severely affected.
The United States is a major trading partner to many of the world’s countries. This certainly includes Greece, Spain, and Turkey. President Obama visited Turkey in 2009, and Spain’s sovereign debt crisis, among other factors, has raised concerns about the possibility of a global “double dip’ recession.
Considering the ever-increasing global interconnectedness of the world, a financial crisis in one nation will inevitably have a ripple effect on the rest of the developed world. This summer, Greece asked for a bailout to take care of its out of control debt situation. Hopefully, the world economy will stabilize soon.
