Though is not technically in the business of sophisticated financial analysis of the global economy, we must report to you this morning that it may be time to panic.

ITEM: Greece! The baklava-drenched nation’s interminable debt crisis may finally be coming to a head today—and not a good head, but a scary one, like Medusa! Stock markets around the globe are already dropping as a Greek default appears ever more likely. They’ve closed the banks because they don’t have money in the banks! It’s a classic nationwide panic! While some will tell you that in the long run a Greek default won’t be a big deal, allow us to present you with the other side of the “coin,” so to speak (not that Greece has any coins): in the short run, it might be a big deal, particularly if global markets give in to the sort of contagious panic that can result from alarmist (or is it?) media coverage like ours.

ITEM: China! The Chinese stock market, not long ago the world’s most high-flying, is now in “free fall,” despite attempts by the central bank to stop the bleeding. China’s stock market has been pumped up to precariously high levels like a long game of Jenga, and now it appears to be plunging back down, as was inevitable. Nothing to worry about except for the fact that this is the world’s most populous country!

ITEM: Puerto Rico! The governor of Puerto Rico picked today to announce that the island cannot pay $72 billion in debts without falling into a “death spiral.” Great timing!

With all this going on you definitely should not be worrying about the US tech bubble or the bond market’s liquidity risk—now is not the time! There are many other things to worry about.

The Dow only lost 157 points in the first ten minutes of trading today. Plenty of time to make that back up.

Don’t panic!

[Photo of the last money in Greece: Getty]