''Such turbulence should be sufficient to motivate US engagement on this issue, but there are 1.4 trillion other reasons why America has serious skin in Europe’s game: $1.4 trillion represents the estimated amount of European debt that American banks currently hold.
The size and scope of US-European economic ties is often underestimated. As America’s largest external creditor, Europe currently holds more than nearly $3 trillion worth of US Treasuries. Last year, the total global output of US foreign affiliates was more than $1.2 trillion, with over half of the total originating in Europe.
At the end of 2008, US corporate investment in Europe was almost four times greater than its investment in Asia. Europe is America’s largest trading partner, and it purchases 21.4 percent of American exports..''
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