This just in: The European sovereign-debt crisis has not be solved.

It's impossible to say how many times the efforts of the eurocrats were dismissed as merely "kicking the can down the road." The cliche became so overused, even the people who were using it got sick of using it (trust us, we know.) The problem all along, though, has been that the eurocrats have more cans than road. Maybe that's starting to become clearer.

The market looked at the Greek bond-swap offer, looked at the flood of liquidity from the European Central Bank (the LTRO operation), and concluded the "crisis" was off the table. At least in the short term. Which is all most of the hot shots in the market care about. Cue the rally.

Not only, though, is the crisis not off the table, it's about to take up a bigger chunk of the table. Consider this: Greece is 32nd by GDP.

Spain is the 12th. Italy is the 8th. If Spain and Italy spiral out of control, Greece will be to Spain and Italy, what Bear Stearns was to Lehman.