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.
As the first batch of bailout funds arrives at Spain's banks, Prime Minister Mariano Rajoy has announced an austerity plan to slash the public deficit. This includes tax hikes and cuts to unemployment benefits.
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.