Greece's Crippling Debt Could Mean Trouble For Some Michigan Businesses

DETROIT (CBS DETROIT) - International stock markets sank Monday after Greece closed its banks and imposed capital controls in a dramatic turn in its struggle with heavy debts.

Why should we care in metro Detroit -- half a world away?

Greece owes more than $350 billion to Greek banks and foreign banks, and the international monetary fund. Spain, Italy, France and Germany have the highest exposure, reports WWJ Business Editor Murray Feldman.

If Greece defaults, the fear is that it will negatively impact the stability of the European Economic Community (EEC) and that will slow the economy -- struggling to come out of the recession.

[Desperate Measures As Greece Stares Down Default]

That, in turn, could hurt companies trying to do business in Europe like General Motors, Fiat-Chrysler, Dow Chemical, Kellogg, Whirlpool, and many others.

A slowing of the European economy could hurt U.S. exports to Europe and that could hit manufacturing and the fear is that will trickle down to the U.S. job market, Feldman reports.