In depth coverage of Global Financial Crisis from Business Today
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Global Financial Crisis

Moody's downgrade of Spanish banks came on the same day that the country formally asked for help from its European neighbours in cleaning up its stricken banking sector.

The country has yet to specify how much of the $125.39 billion loan package offered by the 17 countries that use the euro it will ask for.
Prime Minister Manmohan Singh and US President Barack Obama have agreed to work together to strengthen the global economy and deal with shocks from the Eurozone.

The weekend plan to rescue Spain's ailing banks was supposed to boost confidence in the Eurozone. But bad economic news piled up across Europe.