Lots written about PIIGS countries these days and what will happen if one of them collapses.
Here is how they rank by GDP in the global economy according to Wikipedia:
Italy – 7
Spain – 9
Greece – 28
Ireland – 37
Portugal – 38
Italy has a giant cash economy, so it actually might rank higher in the world, but with their strict code of omertà, we’ll never know.
As state economies go, California’s economy ranks 1st in the United States by Gross State Product with $1.846 billion.
By that measurement, California would rank 8th in the world in terms of economic size. California’s collapse would be worse than that of Spain alone. California’s collapse would be worse than Greece, Ireland, and Portugal combined.
Why do we care about Greece other than for compassionate purposes?