People are convinced that the worst is over. Let's go back to March 2008 when Bear Stearns was handed over to JP Morgan Chase - sure, the problem area was the inter-connectedness of the financial system but it was still a big deal.
Greece was bailed out some months ago and Ireland is now on the brink. The Irish Central Bank governor has come out to say that a bailout of "tens of billions" of euros should be expected.
What I see is that the world is taking this very lightly. Austria and Germany have shown reluctance at supporting other nations or more bailouts but the attitude is still, "This is nothing compared to what we have been through..."
The Euro should dissolve or be adopted by fewer nations than today.
International trade should be disrupted because of forex volatility.
Waiting and watching.