Along with falling stocks, declining ratings by Moody's Investor Service, there is another bigger trouble waiting to happen for Ireland. After protesters went inside the Parliament, the PM finally agreed to giving up his post.

Cowen has also agreed to re-elections. It is expected that he will be the first casualty that the already debt-ridden country is going to face. How many more are there is not known yet.

When the news appeared there was a chill that ran through the financial markets across the globe especially in the euro zone. Then there are fears that the currency union will get fractured if and when the general elections happen.

Whatever the case may be the impending collapse is almost making it sure that financial crisis is far from over. And the experts say that other deeply indebted countries like Portugal and Spain are going to face the troubled waters soon.

The result of this was that the European stocks along with the markets across the global tumbled during the day. And if the political crisis continues the way it is doing now then there are a thing or two to worry about.