All things considered, we don't expect Greece's eventual exit from the euro-zone to have any devastating impact on the US economy, even if the exit from the single currency is compounded by a Greek banking collapse and/or a further sovereign debt default. The trade links are pretty modest. Only 0.1% of US exports go to Greece and less than 3% go to the five peripheral euro-zone countries combined. The financial links also look to be manageable. US banks' claims on Greece are equivalent to only 0.3% of Tier 1 capital, while claims on Spain, the other current focus of investors' concerns, are a slightly bigger 3.8% of Tier 1 capital.
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