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Meanwhile, the cost to insure $10 million worth of the country's bonds climbed to $575,000 in a sign of the worries that it may become the highest-profile victim of the debt crisis. 

A European Union summit, in which policymakers are expected to discuss a possible banking union, is slated for Thursday and Friday. Such events have fallen short of expectations many times in the past, causing frustration among traders who want to look past Europe.

"These days markets always seem to be waiting to see how something will turn out," analysts at Nomura wrote in a note to clients. "As soon as one event gets cleared the market immediately looks to another future event that should finally add 'clarity,' and invariably it doesn't."

The Euro Stoxx 50, which tracks eurozone blue chips, sold off by 2.6%, while the euro dipped 0.68% to $1.2485.

The markets are also set to get several key reports on the U.S.

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DOW  80.41 | NAS  38.82 | S&P  13.81
(Data as of 2013-05-22 4:43 EDT)

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