What happens in Greece does matter. Inter-connectivity between not only domestic but also global financial institutions, a similar backdrop that fueled panic during the Great Depression, exists today. If Greece goes down, so do all the institutions and nations supporting it. Default in Greece could force liquidations in other markets characterized by declining liquidity since 2007. An institution forced to raise cash as a result of margin call(s), for example, may find limited to no bids for assets they need to sell. Other other words, they'll be up the creek (without a paddle).
Headline: Clashes break out as Greek lawmakers debate austerity bill
ATHENS, Greece (AP) — Rioters hurled petrol bombs at police who responded with tear gas as an anti-austerity demonstration outside parliament turned violent Wednesday, while Greek lawmakers began debating contentious measures needed to start negotiations on a new bailout and avoid financial collapse.
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