No…. this is the worst news I have heard today (might be). Google is retiring Google Reader from 1st July 2013. BTW, it is not unusual for them to discontinue Google products.
Google has suggested that you use their Google Takeout feature to download the information.
Click Here to read more how you can do it
Not only Google Reader is affected by this “spring cleaning” exercise.
Click Here to Check Out the Rest of the Products Google is Shutting Down
And here are the reasons why Google Reader is shutting down (from Google Reader blog)
There are two simple reasons for this: usage of Google Reader has declined, and as a company we’re pouring all of our energy into fewer products. We think that kind of focus will make for a better user experience.