While Iran continues to dominate the world news front, a remarkable and potentially devastating story is quietly developing in Greece. A wildly popular new prime minister, Alexis Tsipras, has sprung to prominence almost overnight. But he’ll likely be forced to put his nation in default next month when a billion-euro ($1.07 billion) loan payment comes due.

This crisis is likely to erupt soon, with global repercussions that should be anticipated. On Monday, the federal government raided municipal treasuries, ordering mandatory cash transfers to the central bank, just to make government payroll.

Eurozone officials begin talks Wednesday about Greece’s ongoing financial crisis, which dates back to 2009 when high debt and run-away inflation forced Greece to accept loans from the European Union and to impose harsh austerity measures — spending and wage cuts and tax hikes.

Six years later, the austerity measures have sparked a deep depression without much sign of economic recovery. There’s wide scepticism among investors that another bailout deal can be reached between Greece and its creditors.

Focus is already shifting to early May when Greece must repay a billion euros to the International Monetary Fund — and most experts say Athens will default on its debt.

Greece so far has failed to present any plan for reforms that the IMF and its eurozone partners can take seriously. That’s certain to shut off any hope of another bailout.

And the Greek people no longer seem to care. New York Times columnist Paul Krugman, in a recent visit to Athens,” says one question preoccupies them: “Don’t you think they want us to fail?”

Under this gray scenario Greece elected a relative unknown 40-year-old socialist as their prime minister. Alexis Tsipras, fanning a nationalist “us against them” fervor, managed to unify a dozen leftist political factions and attracte substantial numbers of moderate voters to win the January election.

Tsipras wasted no time declaring the “humanitarian crisis” his government’s highest priority.

Tsipras continues to cultivate the “us against them” mentality.

His first act as prime minister was to lay roses at the Resistance Memorial, honoring the 200 members of the Greek Resistance executed by the German Wehrmacht in 1944 — and reminding the German-dominated eurozone that Greece is nobody’s lapdog.

Last week, Tsipras flew to Moscow to cozy up with Russian leader Vladimir Putin — who is under eurozone economic sanctions since Russia annexed Crimea and invaded Ukraine last summer.

Overall, the economic and social conditions in Greece bear close resemblance to those of the post-World War I Weimar Republic, under which the German people faced steep inflation, unemployment and widespread social hardship and disillusionment.

The Weimar Republic gave rise to the Nazi dictatorship, nationalistic fervor and World War II, all artfully coordinated by an unknown but dynamic young political leader named Adolph Hitler.

Alexis Tsipras is not Hitler, and Greece is not post-Weimar Germany. But economic and political developments continue in a parallel direction.

Greece could face expulsion from the European Union. Or it could secede from the union. Either move would be costly and damaging not only to Greece but to the EU as well — and repercussions are certain to reach around the world.

That unfolding possibility should not go unnoticed.