Spain and Cyprus -- one of the euro currency bloc's biggest economies and one of its smallest -- both sought eurozone bailouts Monday for their financially troubled banks.
Spain asked for up to a $125 billion rescue for banks left holding bad real estate loans. Foreign Minister Jose Manuel Margallo said details of the bailout will be determined later, including whether the loans would have to be paid by the Spanish government or the banks alone.
Late Monday, the Moody's ratings agency downgraded the credit ratings of 28 Spanish banks between one and four notches, citing the government's ability to support the banks.
Meanwhile, the island nation of Cyprus became the fifth eurozone country looking for financial aid from others in the currency bloc, following Greece, Ireland, Portugal and Spain. The Cypriot government did not say how much it wants to borrow.
It says its banks are vulnerable because of their "large exposure" to the economy in nearby debt-ridden Greece. Cypriot-held Greek government bonds were written down in value earlier this year.
The Fitch ratings service became the third such firm to downgrade Cyprus' credit rating to "junk" status.