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Austerity Required for Greece to Avoid EU Exit

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    Teddy Parrish of Henssler Financial weighs in on turmoil in Europe.

  • Duration 4:05
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Thanks very much Nicole.

-- protest in new York and across Europe today outside the United Nations in New York politicians and foreign policy leaders.

Among those gathered to protest the UN speech.

By the -- and president.

Mahmoud -- get a job in the last hour.

In Greece anti austerity protest turned violent police it -- used tear gas and pepper spray on several hundred demonstrators around the Greek.

Parliament after protesters threw bottles of Molotov cocktail bombs -- Spain.

Demonstrators -- -- the streets for a second day on Thursday the Spanish government is set to unveil several new austerity measures.

To fix the government's.

Debt problem Teddy parents -- -- -- financial joins me now for his take on the -- -- -- investors tired by now of worrying about a meltdown in Europe.

I think I think what we understand the risk.

And you know we've adjusted our portfolios the corps league.

I think that the situation.

In Greece.

You know they they -- here in the fifth year or so of a recession.

There already inhale so while they -- they -- alone I think.

That you know it's inevitable that they're gonna jump out of the EU is just how we get to that point -- you know it will be.

Chaos for the market when it happens I don't think you'll be the end of the world so yeah we're getting to that point no wonder right -- gonna lose them money if they don't face some austerity.

Right now increase I think they're dead of staff samarra where we're like 96% -- are today like 120 -- 30% of their entire economy.

Is in debt why don't the people in -- get that austerity is required stop your whining and your torching.

-- -- I don't know I -- they have its way 5% unemployment rate now in striking and protests in not going to work.

Is -- gonna do you think would make that -- a whole lot worse so you know they need to get together or that exit from the euro's going to be sooner rather than than later.

Yet haven't investors in the -- that US overall bid too afraid.

Of the meltdown in Greece which has an economy this size of Connecticut.

I mean stocks overall seem to be trending upward despite constant worries that Greece is gonna collapse.

-- I think Greece is a problem -- I think that the rest of the eurozone as a problem Spain's a huge problem how big it would drive me came out.

A couple weeks back and actually -- -- -- this big bond buying is being that was -- gave us our release tomorrow but of course there's a lot of work that needs to be done before anyone except it.

And Spain's gonna have to get a whole lot worse before they actually except.

Though the bond buying -- -- that that's what we're seeing now.

But you know I think you don't know what we're about Greece's -- just a bigger eurozone they want worried about that that out there but now.

When will this actually -- Teddy when we will look at the European situation is now finally stabilize I don't have to worry about that anymore.

All mean that's the as of question now have -- -- to -- I'm how volatile -- I'm always laureate but if I have -- -- banks but right now only don't want so not really worried about I have PNC which doesn't have much.

In the way your -- -- will not really worried about it from a financial stop if victim and I think that's what the biggest risk is right now.

Yes I hardly any major US bank wouldn't already be hedged against meltdown in Europe -- -- worrying about for so long now now that rioting in the streets over there.

What are the chances you think that happened -- the streets over here if we start have they cut back on our government entitlements.

I'll update just this right around the corner it's gonna happen I don't know if there's going to be on -- scale as large as -- we're seeing in Spain Greece but we'll have some protests.

But I do think -- a better position because look at this -- is we're we're huge economy.

We Grohl.

Every year that would not every year -- we we have industry and -- so I mean what we're now lacking.

Industry like Greece Greece doesn't have anything new way of beer industry.

And we can't stay down -- -- -- -- for the slingshot economy we will come back one way or another at some point all right thanks for being let us Teddy parish good -- -- Thanks for having millions.

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