spain

With borrowing costs spiking for Spain and Italy, the Obama administration has sent a top treasury official to Europe to encourage European leaders to take decisive action on their financial mess.

The European Commission has recommended today that banks in the eurozone create a union to help regulate and bolster failing banks.

Although Spanish culture frowns upon talking about money, a financial crisis there is teaching everyone a little more about economics.

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.

As if Europe didn't have enough on its plate, it now faces a big drop in the price of one of its biggest exports, olive oil. Seventy percent of the world's olive oil supply comes from Spain, Greece and Italy.

Markets in Europe are mixed today: Greece is way up and Spain is down. Though both countries face major economic troubles, the level of uncertainty may be the key in determining their market variation.

Greece still hasn't formed a new government. And there's a lot of talk about the nation leaving the eurozone. How likely is that?

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

Spain has officially slipped back into recession and to make matters worse, Standard & Poor’s has downgraded the credit rating on 11 Spanish banks. That makes it harder for those banks to borrow money.