By Greg Peel

The Dow closed down 100 points or 0.9% while the S&P fell 0.7% to 1165 and the Nasdaq lost 0.3%.

Tomorrow the eurozone may be no more. At least that would potentially be the fallout were the German constitutional court to deliver an adverse ruling prior to the opening bell on Wall Street tonight. The court is to decide whether the initial bail-out of Greece in 2010 breached the German people's property rights, whether the government acted illegally in contributing to subsequent Portuguese and Irish bail-outs without first obtaining parliamentary approval and, on an EU scale, whether ECB purchases of eurozone sovereign debt are illegal under the Maarstricht Treaty.

Legal experts do not, however, believe an adverse ruling will be delivered. Rather they expect the court to insist all future loan packages to eurozone members must first be approved by the German parliament. Such a ruling might save the eurozone, but it would also restrict the German government's capacity to act swiftly in a financial crisis. European response times have already been painfully protracted. The requirement for parliamentary approval would only slow the process further and encourage more market volatility in the meantime.

It is also expected that tonight German chancellor Angela Merkel will address parliament. As a compromise offer, her party has drafted a proposal to grant the German parliament veto rights over the European Financial Stability Fund.

Why does Germany want to save the eurozone anyway? Recent election results suggest the German people are dead against using taxpayer funds to prop up profligate Club Med members and were there are general election tomorrow, and not in 2013, Merkel would most likely lose power to those pushing an anti-euro barrow.