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As pressure builds yet again over news of Greece, Jim Cramer wonders if investors are spending too much time worrying about Greece. Could the 11 million people in Greece really be able to bring down the entire continent of Europe, with a population of 742 million?
If you were to pay attention to the headlines in the news, then yes, Greece could really be that important. Some have even speculated that Greece is just as important to Europe as the fall of Lehman Brothers was to the United States. They have painted a picture that there is a tremendous amount of systematic risk if Greece defaults on its obligations.
Cramer does not agree.
The "Mad Money" host was reminded of how overblown the situation is when he interviewed Pierre-Andre de Chalendar of Saint-Gobain. This is the 350-year-old materials company that employs 180,000 people worldwide, and has a large concentration on Europe.
Keep in mind that Chalendar is not an economist, he's not a politician. He is a businessman with a unique perspective that has been gained from running a strong European company, one that is right in the heart of construction.
Chalendar outlined that three years ago the problems in Greece were a huge threat to Europe. However, since that time systematic risk has been reduced because Europe is much stronger than it used to be. It has also put mechanisms in place to deal with the Greek default without its spreading to weaker countries in Europe.
"I do think there is a lot at stake in these Greek negotiations, but more from a moral perspective than an economic one," Cramer said.
Unlike in Spain and Ireland, where austerity was clearly the right approach in order to succeed, that is not the case with Greece. Some might even say that Greece has been bad at executing austerity and has repeatedly failed when it had a chance to reform its labor practices and government spending.
The more important issue to Cramer, though, is that the entire world has been paralyzed by this issue. Yes, there will be issues if there is a breakdown and a Grexit. But Cramer thinks any dislocation will be caused more by hedge funds that are on the wrong side of the trade than by any economic loss.
"That is why we just need a darned conclusion—any conclusion—so we can think about other, more important issues," Cramer added. (Tweet This)
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This situation where a small country has taken Europe by hostage must come to an end. That is exactly why Cramer agrees with Chalendar. We are overdoing it, and when the conclusion of Greece finally happens he anticipates that there will be a few weeks of angst, and then everyone will wonder what they were so worried about.
"I think the euro rallies on a Greek exit, which would be terrific for our international companies that need a stronger euro in order to prosper in Europe," Cramer said. (Tweet This)