In the globally connected economy, financial pain in either Europe or the US has worldwide ripples.
Investors in Europe have set their sights on Italy, speculating that if a Greek bailout isn't approved and Athens defaults on its government debt, Italy is next.
With high debt and falling stocks, Italy appears to be the next European economy on the brink. Investors and European officials are now sounding alarm bells.
Spain has slashed government spending amid a stagnant economy and 20 percent unemployment. But investors aren't yet fully convinced that Europe's fifth largest economy is out of the woods.
As economic woes mount, Italians want to make it more difficult for members of small coalitions to topple a government.