Tagged: European Union (EU)

Transcript

RENEE MONTAGNE, HOST:

We have just come from a week when officials of the European Union openly warned of the possible downfall of the euro. Billionaire investor George Soros has gone even further. He says the euro crisis could bring down the entire E.U. Teri Schultz reports from Brussels.

Spain's borrowing costs hit record highs this week and European stock markets have slumped over fears Madrid can't afford the price tag required to prop up its ailing banks. It's looking ever more likely the country will need some kind of bailout.

After watching Greece from afar for years, many Spaniards now believe Spain's number is up.

A tourist in Madrid might wonder where the crisis is. Traffic is heavy and the tapas bars are packed.

But listen in on some of the conversations, and it's clear that Spaniards are scared.

There have been very few days lately when worries about Europe's debt crisis weren't growing.

As Spain struggles to shore up its third-largest bank with a $24 billion bailout, the country's borrowing costs continue to go through the roof as fears lingered about a possible run on its banks.

As talks opened in Baghdad today, "diplomats from six world powers offered Iran new proposals Wednesday to ease international concerns about its nuclear program, but appeared to reject Tehran's appeals to ease economic sanctions to help move along talks," The Associated Press reports.