As soon as the opening bell sounded this morning, the Dow Jones Industrial Average (DJIA) plummeted more than 150 points - effectively ruining yesterday's 143-point gain. In fact, as I write this blog, the Dow fell past a 200-point loss.

Why the drop? Blame it on Greece, as the euro fell against the dollar thanks to worries that the Greek government will not be able to meet the rather stringent guidelines of its aid package. Moreover, the German government is set to provide most of the EU's support, and there is no guarantee that the electorate will back Chancellor Angela Merkel. Add this to the fact that German retail sales dropped more than 2% in March, and we have a full-blown European panic hitting Wall Street.

Friday's key developments in "As The Eurozone Turns":

As expected, Germany and France resolved their differences and agreed to a Greece stabilization plan than includes a mix of both EU loans, and, if needed, International Monetary Fund loans.

The euro rallied about 1.2 cents versus the dollar to $1.3390 on the news in Friday afternoon trading. Europe's bond market took the action in stride with the interest rate on Greece's 10-year bond dropping 6 basis points to 6.25% In comparison, Germany pays 3.27% to borrow money for 10 years.

Wednesday's key developments in "As the Eurozone Turns."

Not more than 12 hours after officials had signaled that France and Germany were nearing an agreement on any potential International Monetary Fund involvement in the Greece crisis, the euro plunged more than 1 cent to a 10-month low against the dollar, on concern that Greece is going to default.

The euro weakened 1.46 cents versus the dollar to $1.3352 on Wednesday at mid-day. Paul Donovan, UBS Investment Bank's deputy head of global economics told Bloomberg News Greece "is going to default at some point."

Friday's key developments in As The Euro-Zone Turns:

European Union nations are working on a back-up rescue plan for Greece, in the event Germany does not commit to aid, Bloomberg News reported Friday.

According to Reuters, Germany has ruled-out immediate aid for Greece. A spokesperson for German Chancellor Angela Merkel told Reuters Friday Merkel's upcoming meeting with Greece Prime Minister George Papandreou would be about offering political support, and not financial aid.

In an effort to stave off further deterioration in its debt, Greece has adopted new taxes and pay cuts. They are aimed at showing the EU that Greece is serious in reducing its debt problems. EU officials have been demanding that Greece take immediate action.

The cuts amount to $6.5 billion and include the following:

Behind the scenes, negotiations are underway to bail out Greece to the tune of 25 billion euros ($33.7 billion dollars.)

The German weekly Der Spiegel is reporting that aid to Greece would be apportioned based on the capital each country holds in the European Central Bank.

There have been rumors that Germany is coming to aid of Greece, but there are some formidable obstacles in such a ploy.

First European Union (EU) law bars the European Central Bank or national central banks from bailing out EU members through buying their debt or offering loans, according to a German parliament research unit. "There are no identifiable grounds for an alternative interpretation."

The players at the G-20 summit have opened the curtain on Act 1.

First we have Japanese Prime Minister Taro Aso. He holds the position that a strong stimulus program is the only means to pull Europe and the world out of the current crisis. He cited Japan's experience in the 1990s when Japan used a strong stimulus as a way to stimulate growth. He also cited Japan's current stimulus package, which amounts to $720 billion, and he even said that Japan would discuss further stimulus if the need arises.

Standing in opposition is German Chancellor Angela Merkel. She is firmly opposed to more stimulus and demands to know why it is needed. She believes that excessive public spending will not assure a vital recovery.

Just when you think Airbus is about to finally assert itself -- perhaps right itself is the more appropriate phrase -- against Boeing Co. (NYSE:BA) in the commercial aviation sector, up pops another gremlin.

On Tuesday, word surfaced that Airbus' co-owners Germany and France were again at odds, this time over the size of expected job cuts at the world's second major commercial jet manufacturer.

France and Germany jointly control Airbus through ownership of its parent company EADS. EADS' shares closed Tuesday in Europe at €25.95, up 11 cents. Boeing's shares closed Tuesday at $91.03 up 9 cents.

French Prime Minister Dominique de Villepin said Tuesday he had talked with German Chancellor Angela Merkel about Airbus's difficulties and confirmed that the company is seeking to slash 10,000 jobs as part of its restructuring plan. German politicians suspect Toulouse-based Airbus's French management of forcing German workers to bear a disproportionate share of the cuts. Arnaud Lagardere, the head of a French coalition, does not deny that his country is trying to protect France-based jobs.