The Real EZ Crisis

I said here way too many times, that EZ economy will deteriorate and cause the next phase of crisis.
Yesterday's anti-austerity protest in Spain is one more example of things yet to come. With PIIGS unemployment reaching catastrophic levels, there will be even more angry folks (with ample time on their hands) on the streets voicing their discontent with politicians.
I am sure Mr. Draghi will try to make us believe that things are stabilizing in EZ. Maybe he can also explain to us why the chart below keeps on making new highs?

cick on chart to enlarge