I would note that the Fed successfully communicated and demonstrated its ability to exit from most of its extraordinary liquidity facilities over late 2009 and early 2010, even as it continued its policy of extraordinary accommodation. 4  BIS Review 90/2010  Conclusion The United States is not Greece. We have the largest, most robust economy in the world.
The economies of the eurozone are tightly interlinked through supply chains, financial connections and trade relationships. As a result, a slump in a large part of the eurozone will depress growth and employment across the entire region. These dynamics were on display a decade ago during the sovereign debt crisis, but today’s crisis exacerbates them in two ways.