David Fyfe, head of the IEA oil market division at the IEA, told CNBC, "our downward revisions for 2012 oil demand are largely driven off a weaker economic outlook, we have got about 3.3 percent global GDP growth in our assumptions for 2012."

CNBC's Jackie DeAngelis reports on U.S. markets and their down day, mostly in response to Greek austerity and economic data. The VIX is back over 20 for the first time this month. Activision beats the Street and boosts its dividend, but NPD data on game sales drives stock down. LinkedIn handily beats the Street and jumps 14 percent.

Stewart Richardson, partner at RMG Wealth Management, told CNBC, "unfortunately this is in the hands of the politicians, so the Greek politicians are clearly trying to work out whether they want to accept further austerity as set out by the European elite in Brussels and Berlin, also whether they want to implement it."

Christophe de Margerie, CEO of Total, told CNBC, "the gas prices today are definitely growing but that is linked to the weather, we still strongly believe that after Fukushima and all the discussion on nuclear there will be a need for more gas in Europe and elsewhere"

Ten years ago, a severe economic crisis led to Argentina defaulting on its debt. Becky Meehan spoke to a Rodrigo Olivares-Caminal, Lecturer in Banking and Finance at Queen Mary University of London. He was involved in lawsuits stemming from Argentina's default back in 2002. He gave us his take on what would happen if Greece defaulted on the 20th of March.