May 25, 2012
Tags: bankia, catalonia, Economic Collapse, Spain
Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“We are in love with money, and we worship at the altar of materialism.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
Bankia, Spain’s fourth-largest bank, has suspended trading of its shares as the board of directors plans to reformulate accounts for 2011 and then ask the government for a bailout of more than 15 billion euros.
The bank was partly nationalized two weeks ago and had the government inject 4.5 billion euros into the bank.
The news comes on the heels of Spain’s wealthiest autonomous region stating they will have over 13 billion euros in loans to pay bills and refinance maturing debt.
“Your economy can’t recover if you can’t pay your bills,” Catalan president Artur Mas told the BBC.
The region, Catalonia, represents one-fifth of the entire Spanish economy.