The euro zone debt crisis continues to weigh heavily on investors today and has sent the markets down again. Each of the major indexes are off about 0.5% in midday trading. Another thing weighing on the markets, is the revised GDP numbers for the third quarter. It had been previously estimated GDP would see growth of 2.5%, but it has now been revised down to 2%. This is the Commerce Department’s second estimate, let’s hope they don’t revise it again later. If this growth holds true, it will be a step-up from last quarter’s growth of 1.3%.

The debt crisis in Europe is a huge problem that needs to be fixed and fixed sooner rather than later. Every day this crisis goes on is just more uncertainty in the markets and more risk of the crisis spreading even more. Many investors believe the ECB needs to take more action and try things until they find something that works.

Short term yields in Spain jumped this morning to over 5%. These same yields were at 2.3% last month. The markets were hoping to get some details on the new prime minister’s austerity plans, but Mariano Rajoy will not give details until he is sworn in right before Christmas. These levels on the yields are worrisome as Greece and Portugal were at these same levels before being bailed out by the rest of the eurozone. The problem here, is that Spain maybe to big to save.

Euro zone banks’ demand for funding surged to a two-year high today as U.S. funds cut their lending. The sovereign debt crisis has left credit markets frozen and the ECB as the only available funding for most banks.

The equities and financial markets are going to remain very volatile in the near future as the euro zone debt crisis adds a lot of uncertainty to the markets. The question is, can they fix it? They’ve been trying for a while now, and if any more countries need bailouts investors will start wondering if the entire euro zone is on the brink of collapse.