Europe debt crisis

Recent turmoil in global markets is partly due to worries over Europe's debt crisis. Elections scheduled in France and Greece add to the uncertainty.

Government borrowing costs reach a five month high in Spain, having many worried that the country will soon take the biggest problem in Europe crown from Greece.

Today, the Greek Athletics Federation laid out what it sees as a "bleak future" for sports. The federation has suspended track and field events as part of budget cutbacks. That puts into question Greece's ability compete in the London Olympics this summer.

There are some economic headwinds blowing strong right now. And one of them is coming from Spain where a disappointing bond auction yesterday sent government borrowing costs to a 5 month high and renewed fears about the European Debt Crisis.

European finance ministers are meeting in Denmark today. They're reportedly adding $670 billion to their bailout fund. Ministers have been trying to figure out how big of a financial bazooka they need to defend Europe from speculators.

Treasury Secretary Tim Geithner testifies on Capitol Hill Tuesday about the European Debt crisis, urging European countries to avoid 'draconian' budget cuts that could make matters worse.

Private investors are being asked to accept big losses on their loans to Greece, in order for the country to get more bailout money and avoid a messy default that could send Europe back into crisis. About two-thirds of bondholders so far have agreed.

Private bond holders have until this afternoon to decide if they'll take major losses on their investments in order to keep Greece out of a messy default, and avoid another global crisis.

The deadline for Greece's bailout is tomorrow. But if bondholders still hold out, more delays are on the horizon and the possibility of a Greek default remains.