The impact of the Greek debt crisis is being felt across the European Union, and could have a negative effect on economic growth here in the United States. Germany and France have announced their commitment not to default on their sizable portions of the Greek debt. But the European Central Bank is in a precarious position, shouldering billions of Euros in Greek debt, and the International Monetary Fund warned on Friday that European countries are "playing with fire" unless they take steps to reduce their budget deficits. We also discuss a column by New York Times op-ed writer David Brooks, which chronicles the story of Fannie Mae's penchant for greed and malfeasance even as the financial institution was crashing and burning. (The story is recounted in the new book Reckless Endangerment, by Gretchen Morgenson and Joshua Rosner.) We talk about the deteriorating security relationship between the US and Pakistan, and shifting timelines for American troop withdrawal from Afghanistan. Finally, a brief discussion about AARP's announcement that it won't oppose cuts to Social Security benefits, reported in Friday's Wall Street Journal.
Banner image: Scaffolding surrounds the Acropolis as the sun drops in the sky on June 1, 2011 in Athens, Greece. The Greek government is trying to implement a further round of severe austerity measures. Photo: Matt Cardy/Getty Images
Gretchen Morgenson and Joshua Rosner