Is the World's Second Biggest Economy On the Ropes?

Iceland has approximately the 101st biggest economy in the world.

Dubai is also tiny.

Greece is somewhat bigger, with the 27th biggest economy.

When Iceland, Dubai and Greece tanked, that was horrible ... but not catastrophic.

Portugal - the 37th biggest economy - may be next. It would be horrible if Portugal tanks.

But Spain is also in real trouble. As the 9th biggest economy, a default by Spain could be major.

But none of these are in the same ballpark as Japan - the world's 2nd biggest economy. Only the U.S. is bigger.

So it is newsworthy that S & P cut Japan's sovereign credit rating in January. (more)