"There are also growing fears for Italy, whose new government was forced to pay record interest rates on new bonds issued yesterday. The yield on new six-month loans was 6.5 per cent, nearly double last month’s rate. And the yield on outstanding two-year loans was 7.8 per cent, well above the level considered unsustainable."
"If eurozone governments defaulted on their debts, the European banks that hold many of their bonds would risk collapse."
"Some analysts say the shock waves of such an event would risk the collapse of the entire financial system, leaving banks unable to return money to retail depositors and destroying companies dependent on bank credit."
This is why you're seeing the US dollar launch into the stratosphere, even though the US government has its own massive debt problems to sort out.
Anything is safer than holding Euros right now, even Bitcoins.