CheckPoint - Argument Credibility
Locate a link to an online video or print news story from your favorite online news source. Your choice of source may range from a major news network to a small opinion magazine, but should not include YouTube or Google VideoTM video search.
Select a story in which claims are made, and note the story title and source name. If you cannot obtain a direct link to a video, write a summary of the video’s key points and provide a link to the Web site where you found the clip.

Answer the following questions in a 100- to 200-word response:

 What claims are being made?
 Do the claims conflict with your personal observations?
 What background information do you have about the claims?
 What is the expertise of the author, if any?
 Is the author biased and untrustworthy, or unbiased and trustworthy?

The article I chose is, Greece Nears the Precipice, Raising Fear by Landon Thomas Jr., Published: September 19, 2011 - NY Times. http://www.nytimes.com/2011/09/20/business/global/as-greece-struggles-the-world-imagines-a-default.html?ref=economy I chose this article for its argumentative but explanatory explanation on the topic of Greece’s debt problems. This article describes the recent economic troubles in Greece and possibilities of default on government debt. The article claims that if Greece does not act upon its debt and default larger problems can arise in their economy as well as other parts of Europe. The article states, "My view is that it is very much in Greece’s interest to default now, as there is no prospect that it can repay its debt,” said Desmond Lachman, a former I.M.F. economist at the American Enterprise Institute. “If it is inevitable that an insolvent Greece is going to have to restructure, it would be better for Greece to do it now.” This is a powerful closing at the end of this article letting readers know the opinion of the writer and what he feels needs to be done in order to preserve Greece.
Personally, this article does not conflict with my opinion. According to the financial statistics provided in the article other countries have bailed out with far less debt than Greece. The article states, “Total Greek public debt is about 370 billion euro’s, or $500 billion. By comparison, Argentina’s debt was $82 billion when it defaulted in 2001; when Russia defaulted, in 1998, its debt was $79 billion” (Thomas, 2011). When taking these numbers into consideration, readers then take a moment to say, “What is Greece waiting for”? I do feel that Greece needs to restructure and it would be beneficial for them to put something in place immediately like returning to the Greece dollar (known as the drachma) which may create growth for Greece or otherwise default as soon as possible.
The article supplies readers with information of Greece’s 370 billion dollar debt problem. Thomas explains that Greece is currently working with other European countries to avoid default (Thomas, 2011). A default for Greece can create a domino effect in other countries such as Italy and Germany because the euro is shared and these countries are in financial crisis also. Banks are suffering without capital and would benefit from a bailout. Thomas states, “Bailing out the banks will be crucial if Greece either defaults or imposes a hard restructuring, whereby banks would be forced to take a larger loss on their holdings compared with the fairly benign 21 percent losses that they are now being asked to accept as part of the second, 109 billion euro bailout package set for Greece in June“ (Thomas, 2011). We also find out that Germany and France are the main holders of Greece’s debt so if the country proceeds and defaults those two countries will be greatly affected. Greeces debt problem grows within this article when we learn that Europes Federal Reserve to aid Greece invested in the countries bonds and if a default were to occur Germany would carry the loss.
The New York Times provides a short write up of their authors to solidify the credibility not only of their paper but of the articles author. The write up states, Landon Thomas Jr. is a financial correspondent for The New York Times based in London. His areas of coverage include the Middle East, Europe and the City of London. Mr. Thomas joined The Times in 2002 as a Wall Street reporter. He previously worked at New York magazine, The New York Observer and Smart Money magazine. Before that he was a fund manager at Morgan Stanley, where he invested in emerging markets. He is a graduate of Middlebury College and the Johns Hopkins School of Advanced International Studies in Washington” (New York Times, 2011). The information identifies Thomas’s expertise on financial institutions and matters as well as international knowledge. This information about the author is important to readers because it connects with his previous knowledge on the topic.
Thomas in the very beginning of the article explains, "As concerns grow that Greece may default on its government debt, economists are starting to map out possible outcomes. While no one knows for certain what will happen, it’s a given that financial crises always have unexpected consequences, and many predict there will be collateral damage" (Thomas, 2011). This is an unbiased statement for an introduction but let’s readers know the situation at hand. The article clearly states different aspects and points of view from banks and other economists however, does sway the opinion of the reader by emphasizing on how far Greece’s debt goes and what the effects could be if immediate action is not taken. The New York Times is a widely spread news paper, with credible writers, and works to provide the facts to its readers. Thomas’s background in a financial institution, other financial magazines, as well as his degree in international studies further backs his credibility for this article. This article provides a clear understanding to the financial situation in Greece and is trustworthy.

References
New York Times. (2011). Landen Thomas Jr. Retrieved October 3, 2011, from NewYork Times:http://topics.nytimes.com/topics/reference/timestopics/people/t/landon_jr_t homas/index.html?inline=nyt-per

Thomas, L. (2011, September 11). As Greece Stuggles, the World Imagines a Default.
Retrieved October 3, 2011, from New York Times: http://www.nytimes.com/2011/09/20/business/global/as-greece-struggles-the-world-imagines-a-default.html?pagewanted=1&_r=1&ref=economy