Why The Greek Crisis Has Global Reach -- Christian Science Monitor
Portugal and Ireland may follow Greece in asking for more financial help, which could drive up the cost of borrowing money across Europe and elsewhere.
World markets, financial institutions, and governments have been anxiously watching for resolution to the Greek debt crisis. If Greece were to default, some experts predict losses to banks and investors across Europe – and even in the United States – that would undermine global economic recovery and spark another worldwide crisis.
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My Comment: I live in Canada, and I got a good lesson from a banker friend who told me that even though Canadian banks are not exposed to the Greek crisis .... we are exposed because we are closely linked to French and German banks .... who in turn are extremely exposed to the Greek debt crisis. Sighhhh .... this global order is not working out.