Though it could sound dramatic, investors are really starting to wonder if the current situation in Europe is going to cause another market crisis.

Most of maklers went into sell unstable euro first and ask questions later mode after chatter told Greece and Portugal was in some serious trouble.

Reading a slew of reports, Athens may soon be unable to meet its debt obligations. Different plans range from a twice EU bailout to debt forgiveness “this would hit taxpayers in France and other countries right in the pocketbook.”

In the same time, S&P changed Greece's ratings further into trash territory to B, just a little above Bukarest. The ratings company mirrored concerns, saying Athens may have to downgrade the face value of its borders by up to 65 percent. This will give a big losses for companies.

Also speculation are swirling that what’s happening with Athens will soon happen with other countries including Italy and Spain.