NPR's Philip Reeves, reporting on 'Morning Edition'
After rising sharply earlier today, European financial markets have come off their highs as investors "question the logistics of the $125 billion bailout of Spanish banks and wonder ... whether Monday's gains in financial markets were nothing but a relief rally," Dow Jones Newswires reports.
This is WEEKEND EDITION from NPR News. I'm Rachel Martin.
Europeans woke up this morning with a couple of big fundamental questions looming over them. Have they saved Spain? And if not, is the eurozone heading for collapse? After weeks of denial, the Spanish government finally admitted what pretty much everyone else already knew: The country's banks need a bailout. The Spanish haven't said how much they need. But eurozone finance ministers had a long conference call yesterday and agreed they'd lend Spain up to $125 billion.
"The Spanish government states its intention to request European financing for the recapitalization of banks that need it," Spanish Economy Minister Luis de Guindos said at a press conference on Saturday.
Credit Pedro Armestre / AFP/Getty Images
Spain will ask, and European finance ministers will agree, to offer up financial aid for the country's struggling banks.
Spanish and eurozone officials announced their intentions after a three-hour emergency conference call on Saturday. If they make good on it, Spain will be the fourth – and largest — member of the 17-nation eurozone to receive outside help as Europe's debt crisis marches on.
The crowd of job seekers at an unemployment office in downtown Madrid looks different than it did a few years ago.
When the housing market went bust, construction workers flooded the lobby. Now, labor reforms have made it easier for corporations to fire workers without seniority. So now young people, including those with an education, are unable to find work.
Jaime Garcia de Sola, a former intern at an investment bank, was one of those waiting in the unemployment line.