The president of Europe’s Central Bank was asked in January whether Greece posed a threat to the monetary union. He replied that the crisis in Greece was greatly overstated and told reporters that if they wanted to worry about something, they should worry about California.
Right now, Greece is synonymous with an economic red alert. Without a bailout, the entire country could face debt default. Standards of living are plummeting; unions are already staging mass strikes, and money is fleeing the country.