More profound debt crises are unfolding in Italy and Spain, raising fears that the two major European economies may be next in line to turn to the European Union for new financial rescue packages.
On Tuesday, Italian and Spanish sovereign debt risk premiums soared to Eurozone record highs, sending jitters into both countries' stock markets, AFP reported.
Following the news, stock markets in both Italy and Spain plunged by nearly three percent.
Spanish Premier Jose Luis Rodriguez Zapatero delayed plans to leave on vacation to monitor the economic situation in his country.
In Italy, Finance Minister Giulio Tremonti held emergency meeting of the Financial Stability Safeguard Committee to discuss the country's increasing economic problems.
So far, Greece, Ireland and Portugal have already received bailout packages from the European Union.
There are growing fears that Italy and Spain -- Eurozone's 3rd and 4th largest economies -- may be next in line to eclipse the previous bailouts and further undermine the Euro.
Italy and Spain have been under mounting pressure in recent weeks as markets feel that the size of the Eurozone's bailout fund is too small to protect larger economies.
Meanwhile, the European Commission has rejected the possibility of a debt rescue plan for Spain and Italy.
“The question of a program of emergency aid is certainly not on the table," said Chantal Hughes, speaking for Economic Affairs Commissioner Olli Rehn in Brussels.