NEW YORK (Real Money) -- Do we focus on Greece too much? Do the media overplay its importance? Are the 11 million people in this small country really able to bring down a continent with 742 million people?
Candidly, if you pay attention to the stories about international finance, the weight of evidence says, absolutely, it's incredibly important. In fact, if you listen closely enough, you might think these talks going on right now, which are allegedly in the last hours, could be as important as the fall of Lehman was to our country. In other words, there is tremendous systemic risk if Greece defaults on its obligations. There could be hugely negative repercussions if it is stripped of its status as a member of the European Union in good standing and must substitute its own currency for the euro.
Editor's Note: This article was originally published at 1:19 p.m. on Real Money Pro on June 3.