Although the Eurocrats have managed to buy a little more time, the EU is still very much hosed. The biggest development as of late was the Federal Reserve's bailout of French banks--though of course it wasn't presented as such. This happened rather quickly, and gave the market a nice goosing which should suffice to carry through the holidays.
The Eurocrats are meeting again this Friday. There will be a great many rumors, but the only thing worth watching is whether the treaty will be modified so that European Central Bank (ECB) can purchase bonds from EU governments, just as the Federal Reserve monetizes American debt. The treaty disallows this at the behest of the Germans, who were reluctant to undergo a second hyperinflation in just under a century. If the Eurocrats can't get permission to buy more debt, the EU is totally doomed. Since they've been working on this project for over fifty years, I highly doubt anyone is going to let worries of currency collapse ruin dreams of world government.
Hence I expect that the treaty will be amended to allow limited purchasing of bonds. In short order, these limits will be gradually removed, at least until the German people revolt. Absent more inflation from the ECB, it appears that European banks will begin to fail in relatively short order, with drastic consequences for our equally insolvent institutions.
Almost there. Stay on target.