The greek election could influence your job prospects - Dimmable LED Light Bulbs

Greeks may elect leaders whoagree to stick with the strict terms of the hundreds of billions ofdollars in bailout money they have received. But if they pickleaders who are angered by the austerity that has come with thosebailouts, there are widespread fears that Greece will leave theeuro zone, potentially wounding the European and global economieswith it. That uncertainty makes potential American hirers hesitant. "You're just fundamentally not going to undertake a largefurther investment, even in the U.S.

market, if you risk that maybeEurope, which is still a sizable chunk of the global economy, isabout to go down the tubes," says Jacob Funk Kirkegaard,research fellow at the Peterson Institute of InternationalEconomics, a Washington, D.C.-based think tank. A Greece exit could indeed send Europe's economy spiralingdownward, says Kirkegaard. "Fundamentally, people will beworried about: 'If Greece can leave, maybe other countries canleave,'" he says. "It would be hugely destabilizing forthe rest of the euro area.

You would reintroduce currency risk intothe common currency. You would show doubt about whether a Germaneuro would be more valuable than the Italian euro." If that happens, it could mean that business owners will continueto sit on their cash, rather than using that money to expand. Lowbusiness confidence is the main reason employers are hesitant tohire, says Kirkegaard. And while the business community's gutfeeling is a nebulous, difficult-to-measure concept, it is certainthat Europe is a key factor in dragging that confidence down.

[Read why healthcare reform may have boosted young Americans'economic fortunes.] He's not the only one who believes that more trouble in Europecould further rattle the U.S. economy. Speaking to Congress's JointEconomic Committee last week, Federal Reserve Chairman Ben Bernankelisted Europe worries as one reason firms are reluctant to expand,telling members that "the situation in Europe posessignificant risks to the U.S. financial system and economy." "If you're a business owner and you're looking a few monthsahead, you're worried about Greece, you're worried about Europe,you might say, 'Let's wait and see how it shakes out with Greekelections,'" says Chad Moutray, chief economist with theNational Association of Manufacturers.

"The worst case scenario for us is not only that Greece leavesbut there is some question about the euro," he says."That definitely could have an effect not only on Europe butinternationally." Moutray also points out that for American manufacturers, Europe isof particular importance. "Europe accounts for 20 percent of manufacturing goodsexports," he says. "To the extent that Europe or othercountries are slowing a little bit, that hurts our exports." Interestingly, an April survey of firms from the NationalAssociation of Business Economics suggested that American firms arenot worried about the crisis. In that survey, over 70 percent ofrespondents said that the European debt crisis was not affectingtheir sales, and 77 percent foresaw no such impact in the comingsix months.

Indeed, there are plenty of small firms in the U.S. that have nodirect links with the European economy—they do not exportgoods to the E.U. or cater to European tourists, for example. Butthe European crisis may impact them in ways that they do not evenrecognize.

[See what Bernanke told Congress last week.].

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