Before revision:  Our simulations further indicate that default by a single relatively small country like Greece can be absorbed by the network, but that default in combination with defaults of other PIGS countries (Portugal, Ireland, and Spain) could lead to a massive extinction cascade in the global economy. Adaptations of this approach could form the basis for risk metrics designed to monitor and guide policy formulation for the stability of the global economy.
After revision:  Our simulations further indicate that default by a single relatively small country like Greece can be absorbed by the network, but that default in combination with defaults of other PIGS countries (Portugal, Ireland, and Spain) could lead to a massive extinction cascade in the global economy.