The head of the European Central Bank, Mario Draghi, is holding a press conference right now in Frankfurt. And global markets are hanging on his every word. That's because he said last week he'll do whatever it takes to save the euro, and today is the day we find out what that means.

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.

There was no cut in interest rates from the European Central Bank today, but some would like the ECB to take action soon.

Spain's Deputy Prime Minister, Soraya Saenz, will head to Washington to discuss ways to resolve the Spanish banking crisis with Treasury Secretary Tim Geithner.

The Organization for Economic Cooperation and Development warns the eurozone nations of severe recession risk, and calls on the European Central Bank to step in to stem the crisis.