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I think that it's risk of contagion. If Greece goes, then Portugal, Ireland and Italy might be next. Suddenly it moves from being one small state to a chunk of the Eurozone, and the Germans aren't rich enough to bail everyone out.

Willair, I've come to the realisation that I don't have a clue about what's happening in the economy. And events continue to surprise me. However, Ireland, Spain and the UK are considered to be at risk of default to various extents (the UK less so, though that might be local bias in the media)...

Two posts on the FT Alphaville blog caught my eye over the last few days. The first included this diagram. The x-axis is government debt as a percentage of GDP, the y-axis is the annual budget deficit. I don't know how much you're hearing about the situation in Greece, but the...