Economic Crisis: The Global Impact of a Greek Default

Subcommittee Chairman Kirk, ranking member Heitkamp, members of the Subcommittee on National Security and International Trade and Finance, it is a pleasure to testify before you today on the global impact of a hypothetical Greek default. In my written testimony, I will address two issues: the probability of a Greek default and its implications on the euro area and the global economy, and the exposure to the US taxpayer from loans given to Greece by the International Monetary Fund (IMF).