This is an excellent post from China Financial Markets.  The abridged version is

1. The euro will not survive in its current form.
2. This crisis rivals the Great Depression but is more like The Long Depression of 1873.
3. The European crisis will be accompanied by a trade shock which will bring about a significant contraction.
4. The recovery in countries affected by the crisis will not begin until their debt is written off.
5. This will go on for many years.