This simple little chart certainly shows that things just cannot continue as they are in Greece. Two year bonds give higher yields (10%+) than 10 year bonds (8.8%). This is indeed a great argument against excessive sovereign debt as investors have lost their appetites for Greek bonds.
I have always thought that the Euro, a little invention of the central banks to manipulate world finance, lacks a certain cohesiveness. So, I am no fan of the Euro for that and other reasons.
Disclosure: No positions