Greece: Why We Should Care

The future of Greece continues to dominate global markets as the country nudges ever closer to a debt default.

Indeed, the Greek central bank warned on Wednesday that Greece would be on a “painful course” towards default and an exit from the euro zone if the government and international creditors failed to reach an aid-for-reforms deal.

But just how important is Greece to the world economy—and would it matter if it defaulted?  Greece’s economy has shrunk by 25 percent since 2009 and is not a big contributor to global growth. It makes up roughly 2 percent of the euro zone economy.