From Pragmatic Capitalism:

Europe has been saved, right? Not so fast. The recent "fixes" in Europe are all coming at the most opportune of times. The global economy is overcoming fears of a double dip and banks are eager to purchase sovereign debt on the back of generous European Central Bank (ECB) guarantees. But the bigger problems remain. Europe's trade imbalances will persist as the single currency continues to wreak havoc on the region. And austerity will continue to result in weak economic output and unsustainable sovereign debts.

And at the end of the day, the thing that frightens bond investors is the long-term sustainability of the periphery countries to overcome their budget woes. Given the continuing austerity, it's unlikely that the periphery nations will be able to fix their budget woes without fiscal aid.

In his latest investor letter, David Einhorn provided us with a nice visual of how this crisis keeps repeating itself. We move from announcement to announcement with fears being alleviated and then re-emerging as budget woes come back to the forefront. He summarized it as such...

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More on the euro crisis:

Fitch Ratings: This is when Greece will default

The euro crisis "can kicking" could soon be over

Gov't stupidity: The IMF is now begging China, Russia, and India for $500 billion to bail out Europe