European companies are turning to America for loans as the Greek credit crisis deepens. The French bank, Societe General, had its credit rating downgraded to AA3 with a negative outlook because it was embroiled with Greek loans. BP, British Petroleum, and mid-size companies are avoiding France because of the crisis.
U.S. banks have much cash to loan out. Up until now they haven’t been making many loans because of the 2008 meltdown. Even the ECB is pumping dollars into the Euro Zone.
This is all reminiscent of the end of World War II. Europe looked to America to turn it into the United States of Europe. That was the new model for the world. Apparently they are still looking towards us to set the mess straight.