While things are calmer in Greece for now, the future of the Greece economy still appears somewhat in doubt.
But Bank of America Merrill Lynch’s Ethan Harris says the United States doesn’t have much reason to be concerned about the crisis that “has been on the radar for years now.”
The reason is that Greece accounts for an incredibly insignificant portion of US exports — so insignificant that it virtually doesn’t exist.
“If the current situation were to deteriorate into Grexit, there should be little direct impact through trade or financial channels,” Harris wrote in a note to clients this week.
“Exports to Greece round to 0% of the US total (vs. 15% for the Eurozone and 26% for Europe as a whole), while holdings of Greek financial instruments by US banks also are quite small.”
And so there it is: more proof that Greece doesn’t mean much to the US.