Greek debt tsunami could reach US shores

Why you should care about a financial crisis half a world away

By John W. SchoenSenior producer
msnbc.com
updated 53 minutes ago

It could be the default heard around the world. If Greece can no longer make payments on its national debt, the financial shockwaves may rock your local bank.

As the Greek government teeters and European countries appear deadlocked over a rescue plan, holders of Greek debt face the biggest immediate risk. But the question many investors are asking — just as they did when the collapse of Lehman Bros. sparked the Panic of 2008 — is who, exactly, holds that debt?

“This fear of Greek contagion breeds not only a credit crisis but a liquidity crisis, not only in Europe,â€