In considering the timing of the Federal Reserve's exit strategy, Chairman Ben Bernanke should not underestimate the potential fallout of a Greek failure on the U.S. and global economies.

Greece's present economic travails are now raising serious questions about the longer-run viability of the eurozone in its present form.

We used to have overleveraged banks; we replaced them with overleveraged governments. If Greece goes down, almost every Western government will be at risk.

Desmond Lachman explains the Greek and Eurozone debt crisis.

Greece's economic situation is dire: it faces a severe recession if it remains in the Euro-zone and it cannot continue servicing its public debt without major sovereign debt restructuring.

Europe is debating the Greek debt while Greece is slipping into crisis, risking economic stagnation and the radicalization of an entire generation.

The Greek tragedy is far from over as the debate over whether to accept debt-forgiveness conditions upended the government in Athens. Furthermore, other debt-laden European nations risk going under.

The $1 trillion European bailout to prevent a Greek debt default only delays the inevitable as nations refuse to confront their debt, potentially leading to another, deeper global recession.