I think Greece has an economy equal to that of Rhode Island. Not really important at all.
While the relative size of Greece's economy isn't huge, the real problem is that banks bought their govt. debt in buckets. Not only that, but since it was considered "risk-free" due to an implicit back-stop from the Troika, they 1) held no capital against it, and 2) they levered up like crazy to take advantage of the carry trade. Since European banks generally have little capital relative to assets compared to North American banks, it only takes a slight impairment or "hair-cut" to blow them up.
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