Wounded banks in Spain will now be able to draw up to $125 billion in money from the EU. Spanish Prime Minister Mariano Rajoy credited government reforms with limiting the scope of the financial crisis to the banking system.
European leaders agreed to bail out Spain's banks to the tune of $125 billion over the weekend. Spanish banks were hemorrhaging cash ahead of this weekend's crucial election in Greece -- that could lead to a Greek exit from the euro.
Today President Obama urged Europe's leaders to act quickly to solve their economic crisis. On the domestic front, the president asked Congress to reevaluate the jobs bill he delivered to the Capitol last year.
Spain raised $2.6 billion in a bond sale this morning, but the higher interest rate of 6.1 percent shows that investors are still concerned that Spain has not wiped their hands clean of the financial mess just yet.
Spain nears a credit crisis, worldwide markets are down, and U.S. borrowing costs near zero. Some economists argue this economic instant is the best time for the U.S. government to invest in infrastructure projects.