The world audiences will be glued to their idiot boxes as the Olympic Games takes center-stage once again in London. Athletes from over 200 countries will be striving for gold in this extravaganza. In short, the summer is churning out to be a sportsperson’s delight. Far from the madding crowd and the hustle and bustle of the Olympics, the European summer is getting more interesting with the debt pressure at the top of the list of most conversations around.

The widening of the cracks in the Euro Zone sent markets  tumbling, as doubts grew about Greeks ability to make good on its debt payments and Spanish economy straining under the pressure of the government’s austerity measures. Coupled with the already stated problem, Moody’s Investors Service cut the outlook for its AAA credit ratings for Germany, Netherlands and Luxembourg from ‘stable’ to ‘negative’. The agency stated the fallout from an increased likelihood of a Greek exit from the Euro and possible greater costs for supporting countries like Spain and Italy.

In recent memory, financial turmoil has tended to materialize in August, when the trading volumes in stocks, bonds and currencies shrink, making it easier for sellers to move markets as they head for the hills or for a long holiday. Without a doubt, all signs are pointing to a nerve-racking summer.

The leaders of the troubled Euro Zone have time and again pulled the region back from the brink of collapse. But many investors, economists and international monetary officials are worried that finding a solution keeps getting tougher now that Europe’s debt crisis is in the third year.

There seems to be a limitation to the solutions, which are indeed going down with each passing day. Investors around the world are hoping that with the Olympic Games around the corner, the financial markets can also rebound into better things in the forthcoming days.