If Greece defaults on its debts, the consequences could spread across Europe, and prove catastrophic for the euro The economic crisis in Greece is the most important thing to have happened in Europe since the Balkan wars. That isn't because Greece is economically central to the European order: at barely 3% of eurozone GDP, the Greek economy could vanish without trace and scarcely be missed by anyone else. The dangers posed by the imminent Greek default are all to do with how it happens. I speak of the Greek default as a sure thing because it is: the markets are pricing Greek government debt...
Filed under: Spain, Europe, Features, Economics, The Guardian, Economic policy, European monetary union, Greece, Germany, European Central Bank, Euro, Ireland