Charlemagne from The Economist explains:
"I think that the politics have shifted dramatically in the last few days, and that the euro is looking less German and more French..."
Comment: Is it really so? If it were so, it is more than justified that the euro should go down the drain. But the point is not only France vs. Germany, the point is, in how much the PIIGS are able to get their act together, and here many news show that the earnestly try to do so.