It seems the long running appeal to find a solution for the debt-ridden Greece is not going to get any by-pass sooner. With the Europe Union (EU) trying to win consensus on extending financial leeway to Greece, financial market has been hit by this euro debt crisis badly.

Following a brewing dissatisfaction among the ruling Cabinet, Greek Prime Minister George Papandreou has been roped in Evangelos Venizelos as Finance Minister so that austerity measures can be exercised.

Moreover, the European Union's top financial official, Olli Rehn, has claimed that in case the new budget is being passed by Mr. Papandreou's Government, then EU will speed up its efforts to provide extra bail out of 12bn Euros in July.

While German Chancellor Angela Merkel and French President Nicolas Sarkozy will be discussing a rescue plan for Greece at a meeting in Berlin later on Friday, Former Federal Reserve Chairman Alan Greenspan has expressed his fear that the continuing uncertainty around the future of Greek may push recession in the US.

Deciphering the crippling economic situation in Greece, Gary Jenkins, a strategist at Evolution Securities in London, hinted that “Lack of resolve of the Greek political situation could lead to a rather messy outcome”.