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How will Europe's economic situation affect the U.S.?

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    Amy Kellogg reports from London

  • Duration 2:26
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The US debt clock we watch hanging over the Republican National Convention.

Today is today it's really not much to celebrate folks but it will -- over sixteen trillion dollars.

Hours from now this says there's a reshuffling going on across the pond as worries growing about the unstable economy in Europe.

Could impact America as well Amy Kellogg joins us live from our London bureau with the latest on all of that -- Amy.

Hi Martha well it's an important.

-- week in Europe because there'll be a European Central Bank meeting on Thursday.

And ECD boss Mario -- he wants the bank to be buying some of the European.

Bonds that in order -- to keep the borrowing costs and some of the -- countries down.

Something which is making for a very un level playing field and only exacerbating the very difficult situation -- saying that he is committed -- To saving the Euro but that has not stopped jitters around here and we keep hearing stories.

About international and American companies making plans for Greece's possible exit from the Euro.

Such as lining up trucks to go in and bring cash should their be -- run on banks.

Also for setting up new accounts.

In the drachma -- currency now Greece's prime minister has said that he wants to stay in the year but the situation with social unrest rest there.

Continues to be quite difficult -- -- demonstration today.

Retirees.

Marching on the ministry of health because now they have to pay for doctor's appointment something that the state had once covered.

And for medication they described the situation as quite tragic and there are going to be further cuts ahead of this week's ECB meeting in in Spain.

Unemployment has gone up again it is up to 26 point 7% that's the highest in the Euro zone.

People are quite desperate and we're seeing a lot of Spaniards coming over here to the UK to look for work Martha.

And -- -- is in Britain.

Well in Britain had this cabinet shake up because people are concerned and the government the prime minister that not enough is being done to deal with the economy a lot of fiscal conservatives have been brought into the new government.

We got some figures today that showed retail down on last August.

Which was not be expected given -- boost for the Olympic Games here.

It chancellor was booed when he went out on to the paralympic -- last night to hand out awards something that people here.

Really hadn't expected Martha.

All right Amy -- semites in the.

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