Tagged: Debt Crisis

The economic turmoil in Greece is a concern for many U.S.-based travel companies that specialize in package tours to some of the Mediterranean’s most revered destinations.

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.

Spain's third largest lender, Bankia, is getting a $24 billion lifeline from the Spanish government. The move is a part of Madrid's effort to return some stability to the country's struggling financial sector.

One of the ways Spaniards console themselves amid their failing economy is with their beloved sport of soccer. If you can't afford tickets to a game, it's always on TV in your local bar.

"For an escape from work, economic problems — just enjoy it and support your team," says soccer fan Ivan Rassuli, who's having a beer as he watches a match at a bar. "Everybody likes football. Maybe like the NBA or baseball in the United States."

But futbol, as Spaniards call soccer, has followed the same sorry trajectory as Spain's economy.

Failure To Pay Taxes

A troubled Spanish lender has asked the government for 19 billion euros ($24 billion) of public money to keep the bank from collapsing.

As The New York Times reports, this is far beyond what the government was expecting when it took over Bankia and "its portfolio of delinquent real estate loans."