The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Three years into the eurozone's peripheral debt saga, a ton of political and financial capital has been spent, the euro hasn't suddenly shattered and a eurozone-born financial panic hasn't erupted. Given politicians' commitment to maintain the euro (at least for the foreseeable future) and the European Central Bank's actions in backstopping banks, disaster in Europe seems unlikely in the near future. Seemingly more likely is a continuation of weak eurozone economic growth or a recession. And that possibility has given rise to fears of potentially weak eurozone import demand detracting from global growth.
Eurozone Nations' Share of 2010 Total China Exports
Source: Eurostat Japanese data show similar concentration. In 2010, the eurozone consumed roughly 8% of Japan's exports -- down from just above 12% a decade earlier. The chart below displays eurozone nations' consumption share of total Japanese exports. Eurozone National Shares of Total Japanese Exports Source: Japan Bureau of Statistics, 2001 to 2010 Again, Japan's top four eurozone export destinations are Germany, the Netherlands, France and Belgium. Italy is fifth. Spain's well below that. The other countries either scrape along 0% or don't even register in Japanese data. From an import demand point of view, the most commonly significant eurozone nations are Germany, the Netherlands, France and Belgium. And while a pan-eurozone recession is possible, these nations rank far higher on the scale of global competitiveness than Greece or Portugal. That potentially mitigates the severity -- and global reach -- of a potential eurozone downturn, should one materialize.