How shock waves will hit US if Greece drops euro [View all]

[Auggie]

Associated Press / San Francisco Chronicle

(06-16) NEW YORK, (AP) -- The unthinkable suddenly looks possible.

Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.

The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.

A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/06/15/national/a000014D91.DTL&tsp=1

Within the article are presented 4 scenarios of the possible fallout. Worth reading, IMO.

(Note: Reposted from Late Breaking News -- the thread was locked for being "off-topic". Apologies to all.)