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As remote as the Greek debt crisis may seem, ripples from whatever happens there definitely will hit U.S. markets.
The new leftist government of Greece is currently tangling with the European Central Bank. It wants to roll back the austerity measures imposed by the ECB in return for a bailout when Greece was unable to cope with its huge debt. The ECB instead has moved to stop funding Greece's lenders.
While both sides seem very far apart, Money Morning Chief Investment Strategist Keith Fitz-Gerald thinks the ECB will blink first.
"They kind of have no choice," Fitz-Gerald said on the "Street Signs" program on CNBC World. "This is like that old joke: If I owe you a dollar, it's my problem, if I owe you a hundred million, it's your problem. Greece knows the ECB has got to play ball and I think that's going to happen behind closed doors."
As the Greek debt crisis plays out, Fitz-Gerald thinks caution will be the watchword for the markets.
"Everybody's looking for security. That's why you're seeing Treasuries bid on. I think you're going to see risk come off until the answers are there," he said. He added that it will be a "big relief" to markets when the impasse gets resolved.
With the Greek debt crisis as well as other economic turmoil in Europe, Fitz-Gerald thinks the U.S. markets are the best place for investors to be.
For more on what Fitz-Gerald thinks of the Greek debt crisis and what it means for investors, watch the video below.
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