As last week's bullish tone to markets faded into the distance, one analyst warned that the next three weeks "could go completely disastrous."
Markets plunged around Europe
Tuesday morning after the announcement thatGreece would have a referendum on the bailout deal agreed last week and disappointing results from Credit Suisse.
"This is really bad for Greece full stop," Yogi Dewan, CEO & Founding Partner, Hassium Asset Management, told CNBC Tuesday.
"When you are on the Titanic, you don't vote before you abandon ship," Ralph Silva, research director at Silva Research Network, told CNBC.
"They have to make a decision quickly to save the country, because the country will suffer month after month if they fail to make a decision."
He warned that the situation in Europe could lead to further market troubles in the short term.
"In the next three weeks it could go completely disastrous," he said.
"We have pushed our luck far enough, let's get this solved as quickly as possible."
There was further bad news for Greece with the news that its Finance Minister Evangelos Venizelos, who was parachuted in this summer to help deal with the country's economic woes, checked into an Athens hospital because of stomach problems on Tuesday.
Venizelos' office confirmed his hospital visit in a statement, and said his condition "has since improved."
Dewan believes that the euro zone deal agreed last week could ultimately be positive.
"I think the steps have been really positive, but the devil is in the detail," he said.
"It's all about how it is implemented. There's a big credibility issue around what the EFSF is doing and how they are doing it."
Hassium's portfolio is flat for the year to date, and the company has emphasized caution and wealth preservation for its clients, high net worth individuals and families.
In the long term, signs are more positive, Dewan believes.
"We don't believe the world is going into global recession," he said.
"The recovery is about the US consumer. When you look at the US consumer, they have been concerned about unemployment, but that's improving, the housing market is slowly improving according to Case-Schiller, and earnings are quite reasonable while valuations are quite low."
"You have to look beyond the short term," he added.