Greece and the euro. What's next?

ATHENS — Ratings agency Fitch upgraded its sovereign credit rating for Greece by one notch on Tuesday, citing the country’s progress in cutting its budget deficit and the receding risk of its eurozone exit. After nearly crashing out of the euro last year and coming under attack for stalled reforms, Greece has won praise in recent months from its international lenders for getting back on track and pushing through unpopular austerity measures.

As I watch the implosion of Greece, with shops closing everywhere and GDP plunging like a rock, I cannot help but wonder if we are witnessing the start of a similar trend in Italy. To be sure, Italy has a manufacturing base that Greece does not have, but retail aspects and shop closings in Rome as compared to Athens seems rather similar. If that sounds far-fetched, please consider Summer of gloom for crisis-hit Rome shops

By Peter Boone and Simon Johnson The Greek “rescue” package announced last weekend is dramatic, unprecedented, and far from enough to stabilize the eurozone. 

By Russ Koesterich: With the future of Greece and the eurozone still so uncertain, many investors are asking how they might predict what the most likely outcome is. While I don't have a crystal ball, in addition to paying attention to eight pivotal eurozone events happening from now until July, I'm also watching for four critical developments in the run-up to the second Greece election on June 17. Here's my watch list:

The euro finds support after Germany and France reassure investors that Greece will remain in the eurozone

By FXstreet:The euro extended its decline versus the dollar into a second day on Tuesday as investors' focus shifts back to European woes. The European sell-off in EUR/USD was blamed on everything from a Spanish benchmark bond error in Bloomberg, to a delayed reaction to the IMF downgrades.The rest of the day is expected to be pretty quiet, with no major U.S. data to watch. The U.S. Q3 earnings season kicks off with Alcoa, due after the closing bell.

By John Nyaradi: By John Nyaradi

BERLIN (Reuters) - Back in May, as the euro zone veered deeper into crisis, Nobel Prize-winning economist Paul Krugman penned one of his gloomiest columns about the single currency, a piece in the New York Times entitled "Apocalypse Fairly Soon".