Nationally syndicated TV and radio host Sean Hannity wondered aloud whether a situation similar to Greece’s current debt crisis could happen in America.
“The country of Greece has now closed their banks because of the fallout from their debt crisis,” Hannity said on his June 29 broadcast. “So, I’m reading this and I’m looking at the headlines on Drudge. I’m thinking: could this happen in America?”
Here is a transcript of what Hannity said:
“A crisis that many warned us about years ago is now coming to pass. The country of Greece has now closed their banks because of the fallout from their debt crisis.
“So, I’m reading this and I’m looking at the headlines on Drudge. I’m thinking: could this happen in America? Ask yourself. Don’t use a Washington, D.C. calculator or abacus or whatever it is that they use with their phony numbers there. Ask yourself if a country can sustain this type of debt.
"Anyway, the variation of what’s happening in Greece, could it not come to America someday? Maybe someday soon. I’ll get to that in a second.
“But here’s what’s happening in Greece right now. Right now, the short version is Greece shut down their banking system. They are telling lenders to stay closed for six days as their central bank moved to prevent money from flooding out of the country.
"Now this was done after five years of a massive debt crisis and put Greece closer than ever to an exit from the Euro, which is the single European currency of 19 nations, pushing it to an uncertain future.
“Now, what caused the crisis to hit just now is the Eurozone and the International Monetary Fund is not willing any longer to maintain funding of Greece’s $245 billion bailout. Greece is a smaller country than the United States, but these are huge dollars we are talking about.
“The previous bailout between Greece and its European creditors expires tomorrow [Tuesday] and the reason they’re not extending this is because Greece led by a left wing government and Prime Minister had been unwilling to undertake the painful but necessary reforms in the form of tax increases and spending cuts, including pensions …to keep Greece afloat.
“Talks collapsed over the weekend. The Prime Minister of Greece announced that he would hold a referendum on July 5th to ask the people of Greece whether they would cede to the austerity demands of the nation’s creditors.
“Let’s see who holds a lot of our debt? Oh, the Chinese. Good point. Communist Chinese that don’t particularly like us,” Hannity said.