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What The Financial Crisis In Europe Could Mean To San Diego

Above: Demonstrators throw fire bombs to riot police during violent protests in central Athens February 12, 2012.

Aired 2/14/12 on KPBS Midday Edition.

GUEST

Manzur Rahman: Professor of Finance, with an emphasis on international Finance, and Associate Dean of the School of Business Administration at University of San Diego.

Transcript

Pictures of Athens in flames were all over the Internet last weekend. The riots in Greece are part of the ongoing financial problems plaguing the European Union. Finance experts say this financial crisis in the "eurozone" could well become a big problem for the U.S. economy. How would we feel it here in San Diego?

Eurozone Meeting On Greece Called Off by Associated Press

The head of the Eurogroup, a gathering of eurozone finance ministers, says he has canceled a meeting on Greece's bailout planned for Wednesday as Athens did not fulfill all the demands.

Jean-Claude Juncker, who is also prime minister of Luxembourg, says the Eurogroup was still missing information from Athens on how it plans to save promised euro325 million ($428 million).

He says he also did not receive assurances from the leaders of the two main Greek parties that they will implement the program even after elections expected for April.

He said Tuesday the ministers will instead have a teleconference Wednesday and meet next Monday.

Greece is under massive time pressure to secure a euro130 billion bailout. It also needs approval for a separate debt relief deal with private creditors that has to be done by March 20 and needs several weeks to implement.

KPBS Midday Edition intern Agnes Radomski contributed to this segment

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