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MADRID - Spanish riot police said Thursday that the long hours they have been required to work this week to prevent protesters from gaining access to Madrid's main square "is not tolerable for much longer".

What's striking about Spain, from an American perspective, is how much its economic story resembles our own. Like America, Spain experienced a huge property bubble, accompanied by a huge rise in private-sector debt. Like America, Spain fell into recession when that bubble burst, and has experienced a surge in unemployment. And like America, Spain has seen its budget deficit balloon thanks to plunging revenues and recession-related costs. But unlike America, Spain is on the edge of a debt crisis. The U.S. government is having no trouble financing its deficit, with interest rates on long-term federal debt under 3 percent. Spain, by contrast, has seen its borrowing cost shoot up in recent weeks, reflecting growing fears of a possible future default. Why is Spain in so much trouble? In a word, it's the euro.

Markets fear deal will not cover Greece's borrowing needs. German minister: Greece could need more money. Cost of insuring Greek, Spanish and Portuguese debt rises.

European financial markets were expected to suffer another week of turmoil after the Spanish government was forced over the weekend to rescue a regional mortgage lender and European leaders revealed deep divisions over how to tackle mounting deficits in the eurozone.

At almost 20 percent, Spain suffers the second-highest unemployment rate in the European Union. But the rate for those just entering the job market is twice as high. This month, Madrid wants to push through far-reaching labor market reforms. But opposition promises to be fierce.