Standard and Poor’s downgraded Italian Debt today. Greece is spiraling downward to default. If Greece were to default on its debt, it could take down the Euro as a currency. Greece haws already sold off many government owned properties and islands trying to keep up with the payments, but it is a losing battle. (The government is already struggling with a depression in the country along with high government payouts due to high unemployment and social programs.
There are estimates that it will take an additional $2 Trillion Euros to bail them out. (http://www.gurufocus.com/news/147147/a-greek-exit-would-cost-eu-2-trillion-euros)
It looks as if the EU (primarily Germany with U.S. help) will have to bail them out since a Greek default could drag down other European banks down with them.
The problems in Greece and the other PIGS countries as well (Portugal, Italy, Greece, & Spain) could intensify calls for “Global Governence” which woudl also mean “Global Government”
As with many things, follow the money” to see where the world is heading.