You're probably reading a lot of headlines today about Greece now being officially in arrears with the IMF. But as Lowy Institute economist Leon Berkelmans explains in this podcast, that's not the most important thing that happened in the Greek crisis over the last few days.

Listen also for Leon's views about the implications of this crisis for Asia. Europe thinks it has this problem contained, but the fall of Lehman Brothers taught us a few things about unanticipated consequences...