The latest polls show collapse in popular support for Spain's leftist Podemos party, as its Greek ally Syriza is forced to implement a harsh austerity package.
Angry scenes broke out in the Greek parliament today as papers were thrown into the air and a minister resigned while MPs debated economic reforms ahead of a bailout vote.
There is now the basis of a deal to keep Greece in the eurozone - but it involves the crushing of a government elected on a landslide and the flouting of a referendum.
Greece is told it needs to enact key reforms by Wednesday in order to restore trust with eurozone leaders, who will then open talks to negotiate a bailout deal with the struggling country.
It is every bit as much about trust as about economics now. Of course, this being Brussels and this being the EU, nobody would ever use a word as straightforward as "trust".