The VIX index (S&P 500 options implied volatility) has officially reached the highest of the year, at 40.96%:
This is still lower than the 48.2% seen during the depths of the early 2010 crisis involving Greek soverign debt. If this issue is worse than the one last year then my 40-45 VIX prediction should be elevated.
(Subsequent Update: 46.80… this can only be described as a slow-velocity market crash.)