It's very evident to anybody that looks at the data the major force driving our economy indirectly through the financial markets is Greece. As the Greek default goes up in probability, we run into all sorts of problems. largely, not because the United States has a lot of Greek debt. As you know, it doesn't. It's essentially that we have very large commitments in Europe and Europe is critical to not only holding the Greek debt, but I might add, also where I think approximately half the foreign affiliate earnings are generated.
So if Europe runs into trouble because of Greece, it's going hit us two ways. One, the basic commitment that we have to Europe and the usual financial flows, but in addition, it's going to affect the whole structure of profitability in the United States. Because we can't afford a [mumbled] and foreign affiliate earnings in Europe coming down significantly.
~Alan Greenspan, former chairman, Federal Reserve, CNBC interview, June 30, 2011