The debt crisis in Europe is getting worse by the day.

And now it seems it is the turn of the big boys to ask for help. Spain which is struggling to prop up its ailing banks without asking for external bailout is planning to ask Europe for help with recapitalizing its banks. Spain will be the fourth country to seek assistance since the Euro zone's debt crisis began. The move comes after rating agency Fitch downgraded the long-term debt of Spain by 3 notches to BBB from A, with negative outlook. Spain is forecasted to remain in recession throughout the rest of 2012 and 2013 against a mild recovery in 2013 previously estimated. According to Fitch, the cost to the Spanish state of recapitalizing banks stricken by the bursting of a real estate bubble, recession and mass unemployment could be between US$ 75-US$ 125 bn or 6 to 9% of Spain's Gross Domestic Product. The higher figure would be in a stress scenario equivalent to Ireland's bank crash.