Lots of smart people are getting very worried about Europe.
Nick Rowe is contemplating the withered shell of the Eurozone that may be left after all this is over.
Paul Krugman is bracing for "the mother of all bank runs"
and Ken Rogoff, the former IMF chief economist, said that it is unlikely that the sovereign bailouts would end with Greece.
And all these pronouncements of course feed into expectations, which makes the bad news even worse. We aren't out of the woods yet.