Spain to announce new financial reforms

The Spanish government is expected to announce a new round of financial sector reforms later today.

It comes after the Bank of Spain effectively nationalized one of the nation's largest banks earlier this week.

Spanish banks have been struggling for years with the fallout from the nation's property bust, which saddled them with billions of euro worth of bad property loans.

While the government has taken steps to support banks, analysts say more needs to be done to fix the problem once and for all.