A growing number of investors and analysts are worried that the debt crisis in Europe could hurt the global economy.

One of the biggest problems is Italy which is the seventh largest economy in the world.
    
Stock and bond markets have been selling off out of fears that the problems could spread.
    
One official with Guggenheim Partners warned that Europe is a "train wreck" on the "brink of a major financial crisis." 

"The way Europe is operating right now, it's what I called recently 'cognitive dissonance,'" or "basically doing the same thing thinking they're going to get a different outcome," Scott Minerd, CIO of the fixed-income firm Guggenheim Partners, told CNBC Tuesday.

"They keep throwing more and more liquidity at it thinking it's going to get better and it's not," he said, adding that Europe has a "structural problem, not a liquidity problem."