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Banking Subcommittee Will Examine Greek Fiscal Crisis, Impact on Global Economy if Greece Defaults on Debt

U.S. Senator Mark Kirk (R-Ill.), chairman of the Senate Banking Subcommittee on National Security and International Trade and Finance, will lead a hearing Thursday to discuss ongoing developments associated with the Greece debt crisis and to explore the potential impact on the global economy of a Greek default.

With Greece days away from a key debt payment deadline – €1.5 billion ($1.7 billion) due to the International Monetary Fund (IMF) on June 30, followed by €3.5 billion ($3.9 billion) due to the European Central Bank (ECB) on July 20 – the threat of the first Eurozone government default is increasingly real.

The subcommittee hearing, “Economic Crisis: The Global Impact of a Greek Default,” will include testimony from several prominent experts on the global economy, who will discuss the path that led to the current Greek debt crisis, the status of ongoing negotiations between Greece and its creditors, and the potential global economic repercussions if Greece defaults on its debt. This will be the first Congressional hearing this year on the Greek debt crisis.

The hearing will be held Thursday, June 25, 1:30 p.m., at 538 Dirksen Senate Office Building in Washington, D.C.

WITNESSES:

Desmond Lachman, Ph.D., is a resident fellow at the American Enterprise Institute for Public Policy Research. An expert in global macroeconomics and currency issues, Dr. Lachman has worked at the IMF as deputy director in the Policy Development and Review Department, and he was chief emerging market economic strategist at Salomon Smith Barney.

Carmen Reinhart, Ph.D., is the Minos A. Zombanakis Professor of the International Financial System at Harvard University’s Kennedy School of Government. Professor Reinhart worked for several years at the IMF and was chief economist and and vice president at Bear Stearns in the 1980s. She co-authored the New York Times bestselling book, “This Time is Different: Eight Centuries of Financial Folly.”

Matthew Slaughter, Ph.D., is the incoming dean of the Tuck School of Business at Dartmouth College. He is the founding Faculty Director of Tuck’s Center for Global Business and Government and is a research associate at the National Bureau of Economic Research and an adjunct senior fellow at the Council on Foreign Relations. From 2005 to 2007, Professor Slaughter held the international portfolio as a member of the President’s Council of Economic Advisers.

Jacob Funk Kirkegaard, Ph.D., is a senior fellow at the Peterson Institute for International Economics. He previously worked with the Danish Ministry of Defense, the United Nations in Iraq, and in the private sector. The focus of his current research includes European economies and foreign direct investment trends.

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