Apple is worth more than the European banking system

I'm not sure whether this says more about how successful Apple has been or how dire the situation in Europe is:

http://www.appleinsider.com/articles/11/08/19/apple_now_worth_as_much_as_all_euro_zone_banks.html

Its no longer a question of whether the European banks are solvent but rather how insolvent the European banks are. The situation is making a lot of people (and the markets) very anxious. The European banks are HUGE:

http://www.bankersalmanac.com/addcon/infobank/bank-rankings.aspx

A run on the Euro banks could be disastrous, no one has enough money to backstop them.