Many people are wondering why the Greek economy is having such a major effect on the global markets. Why is such a small country making the world’s major markets rise and fall with every headline that comes out regarding their possible economic collapse? Fear of the unknown is driving the seemingly schizophrenic markets up and down like a yo-yo. When Greek Prime Minister George Papandreou presented the idea of a referendum on the bail out uncertainty and fear grew to a fevered pitch. The masses in Greece did not want to submit to the changes that would be required by the European Central Bank (ECB) for the new bail out loan, but the government believed that without it the economy will totally collapse. There are two major components to this issue. First is the chance of Greece defaulting on the bailout loans that they have already been given. The second has to do with the chance that they could pull out of the Euro as a currency.