How Greek Economy Affects U.S. Stock Market

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Greece is trying to convince European creditors to agree to turn over billions in new loans. The country’s economic crisis has hit a new low but how is it affecting our economy?

Greece is in the works of making a deal with the European Union to keep the euro as its currency. Although the economic chaos seems far away, it has people in our backyard concerned.

“It makes me nervous having stocks and things and understanding a little about the global economy. Greece plays a bigger role than I think we realize,” says Justin Kristan of Fargo.

Throughout 2015, the stock market has been volatile.

“Volatility is the word that’s exactly what we’ve seen. It goes up it goes down,” says President of Legacy Wealth Management Paul Meyers.

And the threat of Greece leaving the eurozone has caused uneasy feelings among major firms causing the market to drop.

“A lot of times it’s just feelings and concerns that big investment firms will have and so they may pull back a little bit from their risk positions in the stock market. That causes other people to pull back, that causes the market to go down a little bit,” says Meyers.

But Meyers looks at this as a positive thing for investors.

“We look at this as a buying opportunity. The markets are down,” Meyers explains.

The closer Greece gets to making a deal, the better the market gets. But if Greece doesn’t end up with one, there is still hope for our stocks.

“If Greece were to leave the European economic community and change its currency and so on, it would undoubtedly have some effects on the European common market, some effects on the global market, but I think those effects would be somewhat temporary,” says Meyers.

In fact, Meyers has a big prediction that will excite investors across the country.

“My personal feeling is by the end of the year, when the bell tolls on December 31st, we’re probably going to be a lot higher than we are today,” Meyers says.

“That’s good. Good news. I do hope for stability,” says Kristan.

Greece’s latest plan will be considered by 28 heads of state in the European Union over the weekend.