Emergency talks between seven major industrialized countries in the eurozone ended Tuesday without a decision from the G7 on how best to move forward in addressing the financial crisis. But according to the BBC, Japan's finance chief Jun Azumi said Europe would soon see some "speedy" action.

Concerns about Spain's finances have brought heightened urgency to the EU's handling of the debt crisis. Spanish Treasury Minister Cristobal Montrolo appealed to European leaders Tuesday for help in recapitalizing its banks. 

According to CNN, high borrowing costs have led the country to be shut out of the bond market.

The yield on Spain's 10-year bond has been flirting dangerously close to the 7% mark that smacks of default anxiety. Over the past week, the 10-year yield has been at its highest level since November.

Spain is weighed down by about 800 billion euros in debt, and the bailout fund set to take effect this summer—the European Stability Mechanism—will only have about 500 billion to give.

Here, Paul R. La Monica from CNNMoney breaks down what the European debt crisis means for the rest of the world.

 

In his call for assistance, Montoro stated what's become obvious to the rest of the eurozone.

Again, from CNN:

Montoro said that Spanish banking crisis doesn't just involve his own country; it's a European problem.

"What's at stake is the euro and they must convince themselves and the markets that the euro is a reality and it does have a future," he said.

Writing for the Washington Post, Robert Altman, the former deputy Treasury secretary under President Bill Clinton who now serves as chairman of Evercore Partners, said the EU should look to the U.S. handling of the 2008 credit market collapse as a guide.

The Federal Reserve and Treasury took a series of huge and swift steps to avert a systemic meltdown. The Fed provided an astonishing$13 trillion of support for the credit system, including special facilities for money market funds, consumer finance, commercial paper and other sectors. Treasury implemented the $700 billion Troubled Assets Relief Program, which infused equity into countless banks to stabilize them.

The euro-zone leaders have discussed implementing comparable rescue capabilities. But, as yet, they have not fully designed or structured them. Why they haven’t done this is mystifying. They’d better go on with it right now.

One of those rescue measures may be coming soon. The New York Times reported Monday German Chancellor Angela Merkel said her country was prepared to pool debt from struggling countries "in exchange for more centralized control over government spending in Europe."

From The Times:

The German chancellor, Angela Merkel, said that finding the way to “more Europe, not less” was the next task for Europe’s leaders. “The world wants to know how we expect the political union to complement the currency union,” Ms. Merkel said at a news conference here Monday with José Manuel Barroso, the president of the European Commission. “We have to find an answer in the foreseeable future.”

G7 leaders have said they'll continue to monitor and assess the situation, in Spain and beyond. They'll come together again during the G20 meeting later this month to further discuss solutions.

 

Reach Catherine here; follow her here.