European markets opened lower on Tuesday morning, as potential crises in both Italy and Spain spook investors.

The FTSE 100 is currently down 0.93 percent at 7658, with Germany’s Dax sinking 1.52 percent. The CAC40 index in France has also been affected, trading down 1.69 percent by 0904GMT.

Italy, one of the countries in the spotlight over the bank holiday weekend due to a political crisis currently unfolding, has seen its stock market tumble 1.9 percent to its lowest level since August last year. Spain, the other country under investors’ watchful eyes, saw its Ibex35 fall 2.44 percent.

Italy’s likelihood of leaving the Euro tripled over the weekend from 3.6 percent to 11.6 percent, after its President used its veto against the new proposed finance minister. This is likely to dissolve government talks and reinforce populist sentiment.

Spain is also facing its fair share of uncertainty, with Prime Minister Mariano Rajoy set to face a vote of no confidence later this week.