As long as we don't bail them or their banks out.
Too late. I read a couple of weeks ago in one of the financial rags, Financial Times of London IIRC, the Fed printed $14.6 Trillion to bail out the European banks. Haven't heard it mentioned at all in our press outlets.
Richard Bove, a bank analyst at Rochdale Securities in Florida, said a default by Italy, while unlikely, would create “significant problems” for Italian businesses and individuals that could spread across the financial system and hit U.S. banks.
“The exposure to Italy is substantial if you look beyond the sovereign debt situation,” he said. “It would be impossible for American banks to avoid being hurt if Italy were to default.”