Will Greece Collapse the Global Economy?

I don't claim to know much about global economies or high finance BUT the Greek financial crisis is very troubling. Basically, Greece is bankrupt with obligations greater than 114% of their GDP. Now THAT'S bankrupt! Greece can't meet it's May 5th payment and will default. Anyone holding Greek notes will lose bigtime, as will the Euro.

Spain and Portugal face similar problems that also threaten the Euro. Germany and France could rescue Greece, Spain and Portugal but have been reluctant to do so as the latter won't agree to reforms to deal with this fiscal crisis. This developing crisis could destroy the EU.

The US will not be immune to any of the effects of this crisis. In fact, this could be the next wave of the ongoing collapse of the global economy. I hope the economic skeptics are wrong on this. But this is scary. Buckle up.