Nightly News | August 05, 2011
LESTER HOLT, anchor: in Europe are at the heart of what's going on in the markets here at home. CNBC's Michelle Caruso-Cabrera joins me now from Frankfurt . Michelle , what's going on over there that is causing so much trouble?
MICHELLE CARUSO-CABRERA reporting: Well, Lester , many Americans will remember the terrible financial crisis in the United States in the fall of 2008 . What could potentially happen in Europe is of the same size and scale. Our crisis was caused by too many banks writing too many bad mortgages. Here in Europe , it's caused by the governments having made way too many promises to their people that they just don't have the money to pay for anymore. The reason it matters to the United States ? When you add up all the countries in Europe , collectively, this economy is even bigger than the United States . And if it goes into full-scale crisis, it's going to have ripple effects all over the world because the global economy is so connected. Back to you, Lester .
HOLT: Michelle Caruso-Cabrera in Frankfurt for us tonight. Michelle , thank you.
LESTER HOLT, anchor: Before the stock market opened