For small European countries such as Greece, being headline news is not a blessing. It usually means that they have suffered a major natural disaster or are wrestling with political, economic or social turmoil. Greece today is front and center in a storm of bad news.

Greece’s problem is mainly economic and the statistics are stark: a budget deficit of 12.7 percent of GDP (the EU’s target maximum is 3 percent), public debt of 113 percent of GDP (the EU target is 60 percent). The media and international speculators alike wonder whether Greece can stabilize its economy or just go under. They also question whether a Greek collapse will drag down the other deeply troubled Eurozone economies in Portugal, Ireland, Italy and Spain – which, together with Greece, share the politically incorrect acronym PIIGS. 
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