Crunch time ahead.

You can gage sentiment by looking at the bond rate a country has to pay to investors. While, Germany's 10 year bond now yields 1.17%, Spanish rates soared to 7.27% and the 30 year rate went to 7.35%. The public knows that without massive intervention, Spain's finances are about to implode. Greek bond rates went above 25%. German politicians are now openly saying that Greece has to leave the EU. And if Greece leaves it will also default bringing down German and French banks.

What about the highly touted Agreement of the EU finance ministers? Just so much words. The ESM is not funded and may not be funded till next year. By then it will be too late.

Here is a quote from a British businessman: "Marc Ostwald, a fixed-income strategist at Monument Securities Ltd. in London, said in an interview yesterday. “It’s cold-hearted reality. The great blag and bluff of the euro zone has always managed to kick the can down the road, but it is no longer a viable strategy. We’re getting to a crunch point.”