At least for the Euro.....
Spanish bond yields are rising. Everyone is waiting for another massive wave of liquidity from the ECB. And if it doesn't arrive, markets will see a massive sell-off of Spanish debt.
To put it more starkly, the ECB is trapped. If it doesn't start pumping, Spain will crash and it will almost certainly bring Italy down with it. If it does resume money creation, then its independence is lost. It will begin monetizing Eurozone deficits. It will take responsibility for meeting the massive gap between government expenditures and revenues for Southern Europe.
Once the ECB becomes the lender of last resort, it won't be able to stop. It will replace one devastating problem with another. Printing money to finance public expenditure never works. Very soon, inflation kicks off, financial markets crumble, and social unrest increases.
It may be hard to believe, but this crisis has only just begun.