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Last week stocks soared after European officials hammered out a deal, but now investors are wondering whether the plan can be a long-term solution to sovereign debt crisis.

After Greece announced it would hold a referendum on the new austerity plan, U.S. stocks gapped down, erasing a week of euphoric gains and casting major doubt over the deal.

Game's on if European leaders plan to avoid a crippling meltdown. No recession likely unless Europe's problems cross the pond. ECB to the rescue ?

Pressure on Greece looks more likely to lead to a cancellation of the referendum, and the market's resilience yesterday perhaps hinted that this outcome was likely.