All bad news is packed into one factor: The price of the Euro, which was sent to a 10 month Low

1)  Portugal's credit worthiness has been downgraded, as credit rating agencies worry about the Portuguese government's ability to cut its budget and lower its debt

2) The Eurozone decides not to explicitly support Greece in its debt struggle, which forces Greece into a shotgun wedding with the IMF. Does not look good for Greece, and wont look good for the Eurozone to see one of its members struggle to the international lender of very last resort. 

3) It is now painfully obvious that the Eurozone is deciding to forge ahead without any mechanism for fiscal redistribution, a key ingredient to make a common currency work. Wolfgang Münchau thinks this the beginning of the end of the Euro.

 Euro/Dollar, Weekly Candlesticks