We've been hearing a lot about Greece's economy, or lack thereof, in the last few days. While it may seem so far away from all of us here in the U.S., it's really not.
So, we're breaking down three things you need to know about the Greek default.
1. Worried about your 401K? Don't. The good news is most experts say any effects of the Greek crisis will be small and the American markets should bounce back quickly. Also, Greece makes up just about 0.3 percent of the world's economy.
2. This could be good for keeping mortgage rates low here at home. The Federal Reserve has talked about raising its rates, possibly this fall. However, if Greece's economy is still a mess then, the Fed may be reluctant to raise rates to keep the economy here growing.
3. If you're a world traveler -- or thinking of becoming one -- now is the time to go explore. The Euro is plunging compared to the dollar. That means we're getting more bang for our buck. This is not just in Greece, but across most of Europe. And don't worry -- most Greek restaurants, shops and tourist attractions are open. Just be sure to take a credit card and not depend on getting cash there.
