Despite European efforts to rescue Spain's banks, Moody's downgraded the country's debt to near-junk-bond status Thursday, and the ramifications are reverberating across the globe.
Officials in Britain have seen what's going on with the rest of the Eurozone, and have cut a deal worth an estimated £80 billion to make sure they don't become the next Spain.
It was designed to ease investor fears but Europe's $125 billion bailout of Spanish banks is already falling short.
In a conference call on Saturday, Spain's finance minister indicated they will be asking for a bailout from the other Eurozone countries that could amount to €100 billion.
The euro zone is looking decidedly less stable this morning as Spain's budget minister calls on Europe to shore up its debt-ridden banks—a move Spanish leaders had insisted just a week ago wouldn't be necessary.
Workers showed their disapproval of the provisional austerity measures agreed upon by Greek leaders yesterday by walking out on their jobs for the second time this week, while Europe's economic "troika" sent Thursday's deal back to the drawing board.
After all-night meetings and a process riddled with delays and political posturing, Greek leaders have hammered out an austerity agreement to avoid default just in time for an EU meeting Thursday.
After yesterday's meeting was postponed, Greek party leaders were supposed to meet today to agree on a plan to avoid default, but it looks like a missing translation of the agreement is what's holding the crucial meeting up.
Startling analysts, U.S. stocks soared today, the first day of trading for 2012, with the Dow jumping 180 points and the S&P 500 up 1.5 percent.
It took 18 years to do it but Russia was finally admitted to the World Trade Organization today, two decades after the fall of the Soviet Union.
The central banks of the U.S., Japan, England, Switzerland, Canada and the eurozone teamed up this morning to prop up the global economy and make it easier for banks to receive dollars when they need it.
As Europe's debt crisis rages on, a collection of financial experts and global institutions are warning European leaders that the Euro Zone could collapse if swift actions aren't taken.
Debt worries across Europe and the U.S. have triggered a broad sell-off on Wall Street today, gaining momentum well into the afternoon.
Announced layoffs jump 212 percent because of the two mega-employers
U.S. stocks plunged this morning following the Fed's statement yesterday
This year's growth forecast lowered to 1.5 percent from 2.5 percent
Europe, Obama, Greece and the Fed blamed in Wall Street sell off
Says the country's fiscal outlook is stable and remains a "pivotal" player in the global financial system
Economic observers are relieved but unsatisfied with today's jobs report
Weak economic data has spooked markets, sending the Dow down 275 points
As the Dow plunges 266 points, analysts chalk up the news to poor economic growth
The investment bank hoards aluminum and collects rent on it
Job growth may be anemic but China is snapping up all sorts of expensive goods
The recession didn't solve our carbon problems after all
Disaster in the world's third largest economy is being felt around the globe
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