Fox News
Expand
Browse All Video
Watch Live

You're watching...

Contagion in Europe's financial crisis?

Details

  • Description

    Impact of situation on global economy

  • Duration 2:33
  • Date

Clips

Also in this playlist...

Latest News

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Good evening I'm Bret -- the US economy and with it president Obama's reelection hopes.

We're taking a 12 punch tonight first there was word from the Federal Reserve this week that American families had lost about.

40% of their net worth since 2007.

And now the World Bank predicts another serious financial crisis is a real possibility.

Here at home the Dow fell 77 the S&P 500 lost nine the NASDAQ was off 24.

Now correspondent Greg Burke looks at the situation in Europe.

And it's global reach.

Financial experts today warned of contagion Europe's economic crisis says the problems drew on a number of fronts and also went global.

The latest report from the World Bank says high income countries such as Germany the US and Japan are destined to suffer low growth.

And that it will take several years to undo the damage done.

The report predicts volatility in global economy -- for several years and anemic growth for most of Europe the global economy is still that rocked.

By turmoil -- uncertain prospects for boost growth and jobs let -- stability.

Greece has been the recipient of two bail outs and its problems are far from over -- no guarantee that elections on Sunday will resolve the crisis there.

The Greeks seem to be voting early what their bank cards withdrawing 800 million euros a day while they still exist in Greece and the White House urges caution that we should stay and the eurozone.

Their circumstances will be worse.

They will be worse off if if Greece were to exit the Euro -- Spain's admission last weekend that it would get a loan of up to a hundred and point five billion dollars to.

Shore up its troubled banking sector -- markets for a short time.

But Italy -- barring rate shoot up today how troubling sign in the area's third largest economy.

And Germany's finance minister warned Italy to stick to their agreed upon reform.

As usual Germany has stuck in the difficult position trying to keep the eurozone intact without paying for everyone else and it went off -- the -- We have to make clear again and again that we won in Europe and we want more Europe.

But I want -- Europe where we have a common control and common responsibility in one hand.

Today President Obama spoke with the European council president and Mexican president called -- road ahead of next week's G-20 meeting.

The challenge there they agreed will be to strengthen the -- eurozone.

And to contain the global impact Brett.

Greg Burke in Rome Greg thank you.

Load More