The markets started today with a profit-booking sell in Hong Kong and other Asian markets, probably triggered by Hawkish comments from America regarding policy towards Iran, causing concern about oil price in the midst of economies slowing down (Europe the GDP is down 0.3 percent) and China revising its growth forecasts to around 7.5 percent. That's a comfortable soft-landing, but Greece bailout and speculation of what it would cost if there were a messy default gave the markets an excuse to move downwards. Markets and market-makers love volatility, that's how it works.
The U.S. jobs figures due out on Friday are said to be quite healthy, that should provide some cheer. A Greek default, messy or otherwise, has been counted out, otherwise there would have been no bailout. As to the drop in Europe GDP, that could be rectified if people and corporations take courage and borrow from the ECB funds instead of parking their funds with the ECB overnight in increasing volumes. Money has to feed through the system and swirl and it will create work and wealth and return enriched.
God has granted so much talent to Europe, and through use it will create further prosperity. Let people borrow and employ the money, it will create wealth.