Exchange traded funds pegged to European stocks tanked Friday as whispers of a Greek default sent investors running and Jeurgen Stark’s resignation from the European Central Bank further sapped confidence.

Credit default swaps on Greek debt jumped to record highs, which signaled a 91% chance the country could default, reports Theophilos Argilis for Bloomberg. [Euro, Stock ETFs Lower on Debt Jitters]

“There is a continuing concern here that the Eurozone folks still don’t have a handle on the problem and it’s clearly impacting on the global economy,” Alan Alexandroff, co-director of the University of Toronto’s G-20 Research Group, commented, in the report. “There is some concern the EU, particularly the French and the Germans, simply haven’t come up with a formula to really resolve the sovereign debt problem.”

Greece has assured its neighbors that it will increase austerity measures. According to the Greek Finance Ministry, the government will follow the “full implementation” of its bailout agreement and any talks on default falls under “organized speculation,” report Stuart Wallace and Rita Nazareth for Bloomberg.