Greek voters have spoken and narrowly approved a pro-austerity party. Instead of celebrating, bond markets raised Spanish interest rates in anticipation of further strains. Just how bad could the debt crisis get? In the best tradition of economists, who juggle issues with two hands using the phrase “on the other hand,” the answer is that the euro crisis is potentially, perhaps probably, serious for Europe with noticeable knock-on effects. But contrary to general expectation, the effects may be less severe in the rest of the world.