Ambrose Evans-Pritchard has a distressing piece in The Telegraph:
Europe is one external shock away from a full-blown deflation trap, and one recession away from an underlying public and private debt crisis. Nothing has been resolved. Aggregate debt ratios are higher than they were before the austerity experiment. In the end there will still have to be a “Brady Plan” like the Latin American debt write-offs at the end of the 1980s, but on a far larger scale and with far more traumatic effects on the European body politic.
So celebrate today while the sun is still out, and dream on.
Historinhas 
I think that H-W Sinn has realized the same thing. And that is the reason for writing this:
http://www.project-syndicate.org/commentary/hans-werner-sinn-argues-that-reconstructing-the-euro-is-the-only-way-to-save-the-european-integration-project
Eventually it’s a lose-lose scenario. If they won’t implement a monetary fix, then it will be a massive debt write-off.