Greek Debt Bailout

Europe bailed out Greece, but it did not have its intended effect:

Euro-zone governments and the International Monetary Fund hoped that a €110 billion ($145.14 billion) rescue package for Greece would soothe investors' nerves over high sovereign-debt levels in Spain, Italy, Portugal and Ireland. Instead, it had the opposite effect, with fears of contagion rising throughout the day.

"The new stage of the crisis is cross-market contamination," says Claire Dissaux, head of global economics and strategy at Millennium Global Investments in London.

Investors are concerned that the three-year financial package won't fix Greece's longer-term funding problems. Investors are edgy about far-larger economies such as Spain and Italy.

There is a dark non-volcano related cloud over Europe right now.