Based on my reading of Draghi's speech that seems to have excited the market so much, and my general view on Euro policy and politics, I'm not surprised that Spanish 10-year bond yields are back up over 7%.  I guess my probabilities are about 40% for the Euro surviving in pretty much its present form (with or without Greece), without very much of the looser monetary policy involved in the third alternative below, and perhaps with a bit more of the political and fiscal integration that Draghi and many other Euro policymakers seem to view as essential to the Euro's survival,  but with Europe facing a lost decade à la Japan; 40% that it unravels fast, at some unpredicable point in time but most likely within the next two years; and 20% that in the face of further crisis, the Europeans finally collectively figure out a reasonable macroeconomic response involving additional monetary stimulus and acceptance of moderate inflation and further Euro devaluation, as well as a turn in the real terms of trade to make the Southern Eurozone countries more competitive relative to the Northern ones (especially relative to Germany).