By now, the news of Greece's failure to repay the International Monetary Fund (IMF) is making waves in the financial world. Everyone is holding on to their seats, bracing themselves for what is going to happen.
And of course, everybody is waiting on what President Barack Obama has to say on the matter. The White House issued a statement that even though the stock market was down these past couple of days, the Greece problem with the IMF is not an immediate concern for the Obama administration.
Politico reported that Dow Jones has dropped by almost 2 percent and it is believed that the U.S. stock market is being affected by the Greece crisis.
Press Secretary Josh Earnest said that the White House is not worried about Greece right now and that it should have minimal impact on the United States. He added that the United States' "exposure" to Greece is relatively small.
Secretary Earnest revealed that President Obama did discuss the Greece crisis with German Chancellor Angela Merkel and French President Francois Hollande.
According to Reuters, both leaders, Obama and Hollande, are monitoring the crisis and that their economic teams are working closely to check on the world's financial markets. Analyst said that is will be futile if the White House decides to intervene between Greece and the IMF.
The Kuwait News Agency (KUNA), the two leaders also agreed that an immediate solution is required to help Greece become more sustainable. They are suggesting "package of reforms and financing."
Greece has been struggling economically for years and some say that it is inevitable. It's still quite a shock for many that Greece missed it deadline to pay 1.5 billion Euros to IMF.
The IMF did confirm that they received request from the Greece government to give them an extension when it comes to payment. With the eurozone bailout expiring, Greece needs all the help that it can get.
Banks in Greece reopened for pensioners allowing them to withdraw €120 each.
© 2017 Jobs & Hire All rights reserved. Do not reproduce without permission.
