The European fiscal crisis threatens to keep growing as the euro zone nations witness a series of credit rating downgrades.

Just one day after Portugal and Hungary’s sovereign ratings were lowered to speculative grade, Belgium’s credit rating also fell one notch to AA.

Treasury bond rates of European Union nations have risen to a dangerous level.

Italy’s treasury bond rates have been hovering above seven-percent, a sign it may seek for a bailout. It jumped to more than 8 percent on Friday, a record high.

Most euro zone nations including France and Spain have witnessed a rise in their treasury bond ratings. Even Germany, which has one of the highest credit ratings in Europe, has failed to meet its target for bids on its ten-year treasury bonds. These events are spreading concern of a collapse of the euro zone.

The U.K.’s Financial Supervisory Authority has ordered the nation’s financial sector to prepare to leave the eurozone.