The reassurance provided by the €100 billion ($125 billion) Spanish banking bailout last Saturday has already waned, and on Tuesday morning, the country's 10-year bond yields rose again to 6.67 percent, drawing closer to euro-era highs of 6.8 percent.

Italy, suffering from contagion, also saw its 10-year bond yield rise to 6.12 percent before a crucial bond sale that will test investors' appetite for risk. The eurozone's third-largest economy is scheduled to auction up to €4.5 billion of three- and seven-year bonds on June 14.

Markets are now focused on the result of the second round of elections in Greece, which will take place this weekend.