You hear the idea that "contagion" fears may take hold in Europe as the woes of Greece are preceived as potentially the woes of Spain, Italy and Ireland. Contagion is the wrong word. The Eurozone is not in danger of catching a contagious disease. The Eurozone is already sick with the same disease that has laid Greece low -- too large entitlement programs, too many economic regulations, out-of-control sovereign debt levels, stagnant economic growth.
So forget about contagion. Worry about similarities. Greece and the Eurozone have very similar economic problems. Greece is just further down the road. The idea of contagion suggests the Eurozone does not already have the disease. That is wrong.