So, which country might lead the way down? Argentina, Brazil, China, Turkey? Once it hits the EU, Italy and Spain?
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Hard to say. Argentina, Turkey and Venezuela are having their economies crushed due to currency collapse against the dollar so all of them are prime candidates. The problem with this is the first usually is unexpected so it could be something we are not focusing upon.
After developing countries, my guess is EU debt is at greater risk than some of the countries so it might suffer first. The EU is already at odds and this could be compounded by a move away from the euro. Italy and Spain have their share of problems so they will get hit too. I think Germany is starting to be something to watch also.