We are confronting a crisis, all right, but it is not a Greek crisis, unless uncertainty as to the date of that country’s de facto default counts as a crisis.
If the insolvency of that tiny country were the world’s only problem, it would be stretching the word “crisis” to apply it to the travails and insolvency of that tiny country.
What we have come to call the Greek crisis is, first, an international banking crisis. Like Lehman Brothers, Greece is definitely not too big to fail. It is too interconnected to fail, too interconnected to the international banking system, too interconnected to the political ambitions of those who have spent decades replacing the system of nation states with a united Europe.
Πηγή: The Wall Street Journal