Is this the end for the Eurozone?
Greece's economy is contracting, which was of course predictable given the austerity package. If the greek authorities have not been able to reign the budget by more than 5% (the estimated contraction of the Greek economy), higher deficits can be expected...
Meanwhile, there is still no clear roadmap on the part of European Leaders and the ECB leadership is itself split as apparent with the recent resignation of Jürgen Stark. The ruling of the Constitutional court may effectively ruled out the required steps to address the crisis: Eurobonds and a fiscal union.
The Euro exchange rates with the Yen is now at a 10 year low, and this morning the 10 year spread for Greece was 18.97, 10.330 for Portugal and at 3.736 for Italy (From Eurointelligence)