(Image Source: Free Foto )

BY JESSICA SMITH 

Investors are taking their fear out on the markets -- the Dow tumbling more than 300 points Friday. Yet again, analysts are pointing to worries about Greek debt.  FOX Business spoke with a strategist about the situation.

“Right now, I think it’s a Greek Story right now. You’ve got what’s going on with Merkel and the ECB, you’ve got the prospect, or the rumor I should say of an imminent Greek default and that’s emanating to our markets here.”

The latest  panic started when a top economist at European Central Bank, Juergen Stark unexpectedly stepped down. An Analyst told Marketwatch,

“The perception is the ECB is not on the same page, that it doesn’t have a clear vision of how to stimulate the economy.”

And rumors that Germany’s already making plans in case Greece defaults--again--didn’t help matters. Bloomberg confronted a German lawmaker about the rumors.

“Is Germany working on a Plan B should Greece default?
“I think every country is working on a Plan B, in cases where in the global economy something doesn’t work. Especially in the European Union they’re doing that.

Finance officials worry that Greece can’t keep its end of the deal it made with the European Union in July. An economist told CNN Money:

"The concern now is that having been declared unfit in previous reviews, Greece might not get the money it needs this time, and that would put them into a default situation."

Meanwhile, investors wonder if the conditions of the bailout were any good to begin with--losing even more confidence in political leaders. An economist talked to CNBC about his concerns.

“The IMF has an austerity program, I think it’s an anti-growth program in Greece, and I think that’s part of the problem. What they needed to do was create a growth program that was primarily less government spending and that’s not the program they designed.”

The Greek Minister of Finance insists his country won’t default, and will make the payment that’s due September 23rd. But that doesn’t mean the markets believe him.