If yesterday was all about Greece, today belongs to Spain. Concern about Spanish banks has pushed the government's borrowing costs over 7 percent. That's a level that pushed other smaller European countries — like Greece — over the edge.

Spain's Deputy Prime Minister, Soraya Saenz, will head to Washington to discuss ways to resolve the Spanish banking crisis with Treasury Secretary Tim Geithner.

The Spanish government is wrangling with how to rescue its troubled banks. The Spanish bank Bankia needs about $24 billion in new capital.

Analysts say U.S. investors don't have much exposure to the Spanish bank.

The Spanish government could pump $9.1 billion into one of its biggest banks.