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1. It put in doubt the country's membership of the European monetary union.

   • Stocks, commodities, currencies and peripheral government bonds fell in value and that's a negative domino effect
     • A policy response by central banks.
       • Sentiment shifts from " risk off " to " risk on ".
         • Creating an annual event to discuss all the issues and that's a positive domino effect.
           • Global policy makers try to impress with more bold and creative measures that lack credibility.
             • Markets react negatively.
               • Adversely affects economies as credit conditions tighten.
                 • Politicians react with even more measures.
                   • Those measures provoke protests on the street.
                     • Financial state of the domestic banking system is affected by the ' channels of contagion'.
                       • Trade links strengthen contagion in areas with high in-trade, economic and political commonalities.
                         • These links can cause contamination to countries with broadly similar economic and political conditions.
                           • GLOBALIZATION
                             • Channels of contagion exists everywhere.
                               • The linkage of debt, trade, economy and politics sets in motion spillover effects global central banks respond to.
                                 • That creates an inherent momentum behind positive and negative domino effects that empowers the kind of " risk on ", " risk off " reactions markets express every day.