Our concern isn't so much for the PIIGS (Portugal, Spain, Ireland, Italy, Greece), ironically though. Ireland has taken some smart steps; Spain has a lot of room that they can raise taxes should they need to. Italy is probably too big to fail; Portugal simply too small. Our concern is actually for France and Belgium. These are countries that are core eurozone members, but their debt by almost every measure is just as bad as it is in Southern Europe.
To date, the Europeans have chosen to push all of the blame and all of the focus on the PIIGS. But if we get to the point that Greece actually fails, it's not just going to be Spain and Portugal and Italy that are going to be following. It's going to be some very big, very serious countries.