Greece

[UPDATE: 6-10-12: 10:20am]
Spain has requested up to $125 billion euros to bail out its ailing banking industry. Investors across Europe were relieved at the bailout request in which many feared Spanish pride would prevent them from asking. Spain is the largest of the nations so far asking for bailouts and is Europe's fourth largest economy. Unlike Greece, Spain's government spending is under control, the private banking sector is what's in trouble after failing to solve the real estate fall out of 2008.

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On Monday, the 17 nations of the Eurozone were told during a meeting to "prepare a contingency plan, individually, for the potential consequences of a Greek exit from the euro," while European stock markets fell about 2% amid anxiety that Greece might have to exit the euro.

Europe is feared to be entering another deep recession and France's new president, Francois Hollande, has told the euro-block that it will not support German led austerity measures meant to keep government from defaulting on their debts by forcing deep government spending cuts.

The Greek Track and Field sports federation body has suspended operations with just a few months to go before the 2012 London Olympics citing lack of funding after severe government cutbacks as the country deals with its economic woes.

As part of the suspension, all domestic track meets have been suspended indefinitely, and funding for its olympic endeavors are in serious question, with some trying to look for international donors willing to help.

Lakshman Achuthan of the Economic Cycle Research Institute, or ECRI, has predicted the U.S. will enter into another recession and that the feared double dip is inevitable despite most other economist saying the U.S. is not likely to enter another downturn.

The ECRI is widely respected because it has never been wrong about when a recession would start or failed to predict a recession starting.