The situation has been further aggravated by the recent decision of the German Constitutional Court.
While the court found that the EFSF is constitutional, it prohibited any future guarantees benefiting additional states without the prior approval of the budget committee of the Bundestag.
This will greatly constrain the discretionary powers of the German government in confronting future crises.
The seeds of the next crisis have already been sown by the way the authorities responded to the last crisis.
They accepted the principle that countries receiving assistance should not have to pay punitive interest rates and they set up the EFSF as a fund-raising mechanism for this purpose.
Had this principle been accepted in the first place, the Greek crisis would not have grown so severe.
As it is, the contagion - in the form of increasing inability to pay sovereign and other debt - has spread to Spain and Italy, but those countries are not allowed to borrow at the lower, concessional rates extended to Greece.
This has set them on a course that will eventually land them in the same predicament as Greece.
Image: Head of Germany's high court, Andreas Vosskuhle, left, pronounces the judgment, while judge Rudolf Mellinghoff,right, looks on in the court room in Karlsruhe,Germany. Germany's high court on Wednesday upheld the country's participation in eurozone bailout funds, but ruled that parliament should be more involved in such decisions. The ruling means that while Germany's agreement to take part in the financial rescue of Greece will not be affected, participation in future bailouts might become more complicated.