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Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe. ↗
I suspect the psychological pressure associated with that crisis caused the first mental blackout I had ever suffered. It contributed to a deterioration in my health that later required the insertion of a heart pacemaker. ↗
Britain is a textbook case of how growing inequality leads to economic crisis. The years before the crash were marked by a sharp rise in remortgaging and the growth of 0 percent balance transfer credit cards. By 2008 the UK had the highest ratio of household debt to GDP of any major economy. ↗