And in two weeks Greece returns to the polls with the real possibility that it might elect a government that rejects the terms of its multibillion-dollar bailout. This could force the country out of the euro, fracturing the eurozone and further roiling markets.
Perhaps the clearest sign of danger is the state of the euro itself: It is trading around two-year lows against the dollar as investors pull money out of euro countries.
Canadian Finance Minister James Flaherty told reporters Monday that he would raise Europe's troubles with his Group of Seven colleagues during Tuesday's emergency conference call. The G-7 includes the United States, Japan, Germany, France, Britain, Italy and Canada.
Flaherty did not give a time for the conference call, which is confidential and not open to reporters.
The U.S. Treasury Department wouldn't comment on the call. But officials said the United States expects more action to strengthen the European banking system in the next two weeks in advance of a meeting of the Group of 20 major economies in Los Cabos, Mexico, later this month.
AP Economics Writer Martin Crutsinger contributed to this report from Washington. Juergen Baetz can be reached on Twitter at www.twitter.com/jbaetz