Europe's debt problems haven't gone away – they've just begun

Yesterday the FTSE 100 added another 11 points to its recent strong run. Europe's shares were up a touch too. Indeed the DJ Stoxx 600 index, made up of a mix of European stocks, has gained 10% within the last two months. So you could be forgiven for thinking things are now just about all right again in the eurozone. And that the continent's government bond panics of a few months ago are history. Sadly, that's not the case. Sovereign debt default fears are back. And this time, they could actually be worse. Here's why.