Fattah backs Greece bailout

Rep. Chaka Fattah (D-Penn.) on Friday wrote Treasury Secretary Timothy Geithner urging him to support the Greece bailout. 

"Although the Greek debt crisis may seem remote and detached from the lives of Americans, market instability and limited credit in European markets caused by the debt crisis could profoundly impact the U.S. economy -- as the wild swings on Wall Street indicate," Fattah wrote. "Adverse global market conditions would limit the ability of U.S. companies to produce goods and hire more U.S. workers, thereby hindering the U.S. economic recovery." 

The congressman mentioned President Obama's National Export Initiative, which increases the export of U.S. products and services abroad, could be rendered useless if U.S. multinational companies have limited access to credit in foreign markets. 

"Given the strong economic ties between the United States and the EU, financial instability in the EU could erode investor confidence in key U.S. economic investments abroad," Fattah wrote. "I commend your leadership on this issue and trust that you will continue to ensure that the U.S. economic recovery remains unhindered by the events in Greece."