The European Commission, the European Central Bank, and the IMF began meetings in Greece today — they'd like to know what structural reform progress has been made in return for billions in bailout money.
Spain's borrowing costs are up to 7.5 percent — the higest since it joined the euro. As a result of the regional crisis, Moody's announced today that it is poised to lower Germany's credit rating to AA.
New fears of a Spanish recession despite bailout measures are shaking global markets today as the threat of Greece's economic crisis still looms large in the region.
Overseas markets are sliding this morning on new worries about Spain. After last week's bank bailouts, that seemed like an end to the country's crisis, Spain's borrowing costs are up again to 7.5 percent.
In Europe today, the focus has shifted from Spain to Italy, in the ongoing EU debt crisis. Moody's credit rating agency has downgraded Italian debt to just two levels above junk status.
A summit of European leaders has yielded agreement on two key points. First, the EU as a whole will lend directly to banks wherever they get into trouble. Second, there's going to be a new agency to supervise banks across the continent.
There's a big EU summit going on in Brussels today, and it appears leaders have come up with an agreement that may help ease the debt crisis — at least somewhat.
