As the European Union struggles to contain the euro crisis, Spain is quickly approaching an economic collapse. The country is among those in line to receive a Greece-style bailout, though experts say its time for one may come sooner than once expected.
Despite the EU summit deal the euro has been falling further against other major currencies as fears continue over the eurozone's future.
All the countries of the European Union except the UK have backed a tax and budget pact to tackle the eurozone debt crisis, European leaders say.
The leaders of France and Germany say the EU needs a new treaty to deal with the eurozone debt crisis.
As the markets teetered and with European leaders telling Greece to take it or leave it — literally — Greece has called off plans for a popular referendum on the European Union bailout plan, agreed to last month.
International pressure on Greece has increased ahead of crisis talks later between its prime minister and the leaders of Germany and France.