INTERVIEW: Financial Planner discusses international debt crisis

INTERVIEW: Financial Planner discusses international debt crisis

Financial Planner Mark Bass discussed the financial problems happening in Greece and Puerto Rico with FOX 34's Jeff Klotzman. 

Bass said there are many problems with international finances. Although these problems are happening miles away, Americans should care about this crisis. 

The impact Greece's financial problems are having on the European Union are a cause for concern for those living in the United States.

"U.S. companies do a lot of business in Europe," Bass said. "Those that do have been affected, and that's caused some decline in the U.S. stock market."

Bass said Greece has three options when it comes to it's relationship with the European Union. The country can either work out a solution with the other members of the EU, leave the EU and go back to it's own currency, or leave the union temporarily and come back after the finances are back in order. 

"There is not enough tax revenue, there is a lot of income that goes unreported, and that is part of the problem," Bass said. "There is not enough enforcement of their tax laws."

Bass said although Puerto Rico might benefit financially from becoming a part of the United States, it is legally impossible. 

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