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European stocks markets have reacted uneasily at best to this news. Those in the US, however, probably shouldn't worry.
"The direct effects on the US are minimal," said Paul Mortimer-Lee, chief economist at BNP Paribas, in a meeting attended by Business Insider on Thursday.
Mortimer-Lee noted that exports from the US to Greece were less than a billion dollars of the total $2.25 trillion outflow, a miniscule amount. Additionally, exports only make up one-seventh of US GDP.
So in GDP terms, Greek exports are only .006% of the total US economy.
In an accompanying note, Mortimer-Lee also pointed out that a Greek default wouldn't really shake up US banks either. "Bank for International Settlements Figures show that the exposures of US banks to Greece amounts to $12.7 billion, or just 0.04% of total cross border claims," the note said.
The biggest impacts Mortimer-Lee said would be indirectly through a shaky European market.
So far, it hasn't made much of a stir in US stocks.
"On June 22, news that Greece had made new proposals to its creditors prompted the Euro Stoxx to rally 4% on the day. The spill-over effect on the S&P was only 0.6%," said the report.
A Greek default, however, could end up influencing the Fed.
"The Federal Reserve would probably wait and see with the Greek issue before raising rates," said Mortimer-Lee, as this scenario could create an uncertain outlook for markets, adding, "In that case then, central bankers, when they're uncertain, tend to do nothing."