The sovereign debt crisis is like a second act of the banking crisis. First we had Bear Sterns, then we took a deep breath, then we had Lehman and the Great Crash of 2008. Now we have Greece, we are breathing in, and it’s very possible more shoes will dropkick the markets.
Here is a nice look at the countries with the highest risk of defaulting on their debt:
(Source: Bespoke Investment Group)