May 30, 2012
Tags: banking, Economic Collapse, Euro, Greece
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!"
“Against all odds, the frameworks of the world’s economic, political, and social systems are being shaken and are beginning to crumble.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
The National Bank of Greece has issued a report ahead of the country’s June 17th elections that says if those elected choose to remove Greece from the euro it could have catastrophic impact upon the nation’s economy.
The bank stated the risk of the country exiting the euro has become more than a theoretical possibility.
“An exit from the euro would lead to a significant decline in the living standards of Greek citizens,” the bank’s report stated. The report continued to say that per capita income would fall at least 55 percent, a new national currency would fall 65 percent against the euro and that the nation’s recession would increase by at least 22 percent.
The report also threatened unemployment of 34% and inflation rates of 30%.
The bank is scheduled to release it’s first quarter earnings report and a loss is expected. The bank and other Greek banks are trying to encourage the country to stay in the euro for fears that a departure would lead to a run on the nation’s bank and destroy all cash reserves.