More financial difficulties ahead?

Hang on people, it looks like we're in for a bumpy ride. Reuters is reporting that Greece will miss it's deficit targets set by the EU and the IMF after their countries cabinet approved a budget with a deficit almost 1% of GDP higher than the set target. How will the markets respond after an absolutely dismal week, month and quarter that closed last Friday? It's anybody's guess but I am guessing that it is not going to be good especially in light of Greece's inability to meet their targets. How hard these targets are is another question I have (perhaps others have an answer for me!).