June 15, 2012
Tags: banking, banking crisis, Belgium, crisis, Eurozone, moody's, netherlands
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!"
“I believe the four horses of Revelation are already out of the barn; they are beginning to ride in our generation.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
Moody’s cut the credit ratings of Belgian and Dutch banks, attributing the cuts to the current euro zone crisis.
“Dutch banks will face difficult operating conditions throughout 2012 and possibly beyond,” Moody’s told the BBC.
Long-term ratings were cut at least one level with most getting cut two levels.
Moody’s also said “regional economic weakness” factored into the rating cut decision.
The downturn for the Belgian banks was attributed to the bank’s “higher sensitivity to the deteriorating European macro-economic environment.”
The announcement continued a string of downgrades this week of worldwide banks by Moody’s. Spanish and Italian lenders were also downgraded this week because of economic deterioration in their countries.