CNN’s Romans Reassures: U.S. ‘Banks Are Largely Insulated from Greece’s Problems’

RUSH TRANSCRIPT:

COSTELLO: "Has an entire country ever defaulted before?" 
ROMANS: "There have been defaults but never a default where the country would have to leave the euro. The big concern is Greece would have to leave the euro and go back to the drachma or something and that could have devastating implications. There are some other weak players that have managed to hold it together, managed to hold onto their bailouts. There's a big concern this could spark other countries starting to question whether they need to -- the European officials want to keep the Eurozone together. Now, what does it mean for American travelers who are there on vacation this summer? It means you're packing a lot of cash. You're bringing your cash, you're doing all your business in dollars. It could be very hard for the tourism industry this summer. At some point bookings are likely to fall. For U.S. Investors, anybody with a 401(k), you're seeing it in your 401(k) There taking a bit of a hit this morning, although not as bad the response in the U.S. As some of the other stock markets around the world because American banks are largely insulated from Greece's problems."