Spain

New fears of a Spanish recession despite bailout measures are shaking global markets today as the threat of Greece's economic crisis still looms large in the region.

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.

In Europe today, the focus has shifted from Spain to Italy, in the ongoing EU debt crisis. Moody's credit rating agency has downgraded Italian debt to just two levels above junk status.

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.

In Spain today, the government announced new austerity measures to meet the terms of the bank bailout early this month: $80 billion worth of tax increases and pay and benefit cuts.

The tiny Mediterranean island nation says it needs $10 billion to avoid default just as Spain makes a formal request for a bank bailout

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.

Looking ahead at what's to come for other eurozone countries and what's happening at the G20 summit.

The election results are in from Greece, and the pro-bailout, pro-austerity New Democracy party narrowly beat the anti-bailout Syriza party in yesterday's elections and is now trying to form a coalition government. That means the euro stays together for the moment.