OK, This IS a Sign of the Apocalypse

The yield on 2 year Greek government bonds jumped 300 basis points (3%) to 13.522% over the past day.

To place this in perspective:

Greece’s two-year borrowing costs are now higher than those of Argentina, at 8.8 per cent, and Venezuela, at 11 per cent, two countries that have been shunned by many international investors because of the mismanagement of their economies.

This is not a collapse of Europe. What this appears to be is a classic bank run.

This doesn't make it a potentially life threatening disaster for the George Bailey's of this world.<sup>*

*</sup>I'm using It's a Wonderful Life for illustrative purposes only. I never liked the film, and pretty much no one until it fell out of copyright, and TV stations around the US started using it as cheap filler.