More Greek headlines over the weekend. Sigh. And it’s leading to a repeat of a repeat of a repeat in the financial markets:

“U.S. futures down sharply on Greece fears.” (Indeed, the S&P 500 Index fell about 0.8% in early trading Monday.)

That was after failed negotiations on a new bailout package, prompting the European Central Bank to close lending lines to Greek banks. In response, the Greek government implemented capital controls and is shuttering the banks this week to avoid a potential collapse.

Let’s put things in the proper perspective, though:

1. Greece’s loan from the International Monetary Fund that it might “default” on is $1.6 billion. That’s roughly Wal-Mart’s WMT, +1.11% revenue every 30 hours.

2. Greece is an extremely small economy. Its total output is about the size of Louisiana’s.

3. This isn’t 2010. The eurozone is much better prepared to handle a worst-case scenario in Europe. The fire walls have been put in place, whether it’s swap lines, the European Stability Mechanism, quantitative easing, long-term refinancing operations, etc.

So what’s all the fear about? I don’t think the real fear is about Greece. Greece could disappear tomorrow and the global economy wouldn’t even notice. (Sorry, Greece.) The real fear is the domino effect. If Greece leaves the eurozone, that raises the prospect of a slow and drawn-out euro collapse in which multiple countries leave. And that’s when things get really uncertain and potentially scary. It’s not Greece we’re worried about. It’s Italy, Spain, et al. But the thing is, this doesn’t actually get scary until that prospect becomes reality. And, for now, it still looks like a low-probability outcome.

There seems to be lots of short-term overreaction to what is actually a rather insignificant global economic development over the weekend. That doesn’t mean the odds of a worst-case scenario didn’t just increase, but for now it looks like Greece is just a headline that keeps on giving — it’s not yet a meaningful global economic event.

Cullen Roche is the founder of Orcam Financial Group LLC, a financial-services firm that offers asset-management, private-advisory, institutional-consulting and educational services. He is also the author of “Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance” and “Understanding the Modern Monetary System.”