This author specializes in market analysis, and he is clearly worried (from a capitalist point of view) about the likely Greek default.
Sadly, most people living in North America (which is most of my audience) does not really care much about what happens on the other side of the world.In addition to Moody's cautionary steps several paragraphs later, he bolsters his warning with this observation:
But they should care.
According to the Bank for International Settlements, 74 trillion dollars in derivatives are directly tied to the value of the euro, the value of the U.S. dollar and the value of other global currencies.
So if you believe that what is happening in Greece cannot have massive ramifications for the entire global financial system, you are dead wrong.