The now familiar European cycle of crisis followed by political action, temporary respite, then another crisis enters that crucial second stage next week when leaders of the 27-member European Union seek solutions in Brussels.
Investors will also be concerned with how hard the crisis is hitting the euro economy, with flash estimates of business activity due from the latest purchasing managers' surveys, and with the view from Bank of Japan policymakers meeting in Tokyo.

The potential for a Greek euro exit and the deteriorating health of the Spanish banking system have fueled a growing sense among investors that the crisis in the 17-member currency bloc is nearing new heights.

"This whole European situation has been managed via crisis," said Didier Saint-Georges, a member of the investment committee of Carmignac Gestion, which has about 50 billion euros ($64 billion) under management.

"You only make progress each time after getting pretty close to the cliff."

"The key thing is whether a crisis will be big enough that it derails the global picture. That is the question and the one that matters the most," he said.

The key thing is whether a crisis will be big enough that it derails the global picture. That is the question and the one that matters the most," he said.

Fears that the euro zone disruption will upset global growth were behind a worldwide shift out of riskier assets in the past week that drove global stocks, as measured by the MSCI index, to their lows for the year and the dollar to four-month highs.

The selloff spread to areas of the world where growth prospects still inspire hope, with emerging market equities at their lowest since December 2011 as they post their longest loss-making stretch since 2008
As well we would be rather cautious in European Stocks this week but we could try to enter long in Spanish Ibex35 and French Cac40 but watching them closely, as well we would not enter into Facebook Ipo as we think it may go down in the next weeks (to much expensive)....