An example of a debt crisis that could trigger a chain reaction leading to worldwide economic meltdown. While Greece may not have the critical debt mass necessary, Italy or Spain with trillion dollar deficits or multiple countries defaulting do.
With Michigan cities facing budget crises, many experts say the worst is yet to come, and some believe the state will begin to see municipal bankruptcies. Pressure from both the revenue and spending sides is creating the risky financial situations. Some say it may be the worst since the Great Depression.