With the next downgrade (er, next possible downgrade) and 2012 coming into the spotlight, it looks as though some strange $hit is in store in the future. People throw around double dip recession. While I believe most of those are stupid talking heads, I must say, things weren't like this in summer 2008!
If you take out Greece and maybe Italy, the EU will be fine. The conservatives are in place in Spain, so hopefully they'll be fine.