The Icelandic volcano with the unpronounceable name (go to Youtube for proper pronunciation classes), is back again with its mischievous deeds. The volcano has reminded us again that it has the capability of disrupting international travel and cause a loss of millions of dollars, in terms of business.

Travelers were pretty excited about last Sunday’s flight, but its prospects got a little grim because of no improvement in the flight passage. There is a thick plume, floating eastward over Spain and Southern France at a low altitude, which makes it harder for airplanes to fly through.

For now, flights are being rerouted and almost 600 airliners have to cross the oceanic portion every day. Some of them skirted Iceland through the north passage, while rest of them, are being rerouted southward. There are 19 airports in northern region of Spain, that have been shutdown and these airports also include the famous international hub Barcelona.

More than 670 flights have been canceled so far and there is no clear clue as to when the volcanic plumes are going to clear. Even if flights are in progress, they usually make it to the other end, at an extremely delayed schedule. For example, the Air France flight from Boston to Paris, made it after a gap of 4 hours.

Safety measures are beyond the control of radars so planes are flying with respect to a mutual coordination. All airplanes fly at a height of 1,000 feet and remain 300 meters apart from each other. This way, they remain in close contact and try to make the best out of the whole scenario on daily basis.

In the current European stock market crisis, the many potential triggers for the expansion of this crisis, include a failed bond auction and signs of Athens and other donor nations, backing away from the 110 Billion Euro bailout deal.

It is sort of like a domino effect and the trembles were felt even across the globe in foreign stock markets. For now, Ireland, Portugal and Spain are the next in line for the Domino Effect after Greece. These jitters were enough to make investors back up as well, and according to the past 24 hours, market condition can deteriorate significantly as it did during the financial crisis of year 2007 – 2009.

Marco Annunziata – Chief Economist at Italy, said that there is a 10 to 12 percent chance of financial market in need of rescuing. If this sort of stuff happens, then it is going to occur in the next 5 to 6 months. Also, another economist said that one more event, like Greece can probably happen in the next few weeks.

To put things in a nutshell, Greece was unable to finance its debt (when it was at affordable rates) when the 10 year Govt. bond soared near 10% in April. Other countries in the European zone haven’t reached that stage yet and it is evident through Portugal’s yield, which is below 6%.

A bailout fund seems like an amicable solution but the political difficulties on agreeing to this sort of thing could dwarf some challenges which Greece poses. The overall European constitution is supposed to propose a permanent solution for handling such crisis by May 12. Although there are tons of fixes that are applicable in the short term but they have serious negative effects as well. But it seems like, in both long term, and short term cases, there isn’t going to be a happy ending for Greece.