If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Gtterdmmerung.
The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point.

Failure to Save Eastern Europe can lead to Worldwide Financial Meltdown

Not sure how much I agree, but worth a read, from the Telegraph, U.K.