Spreads clearly indicate the total lack of a credible plan going forward. There is a real risk the EU disintegrates because of this (and Portugal, and Italy, and Spain, and Ireland, and Eastern Europe, and even France).
This is good. The markets (in some degree containing the will of the people) and local constituents are putting pressure on the myopic class of central planners who constructed this silly experiments (or at least perpetuated the "grand sweeping vision" of Jean Omer Marie Gabriel Monnet.
This is quickly going to boiling point with resulting phase transition back to nation states and Realpolitik.