June 29, 2012
Tags: bailout, bank, European Union, Eurozone
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!"
“…one day soon, our entire economic system is going to fail. When it fails, only those things that have been done for Christ will have any real value.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
The leaders of the European Union have agreed to a deal that would allow bailout funds to go directly to struggling banks instead of the governments of member nations.
They also created a joint banking supervisory board after meeting for 13 hours.
Spain and Italy had been pushing for a bailout directly to banks but faced incredible opposition from Germany and Chancellor Angela Merkel who wanted stricter controls on the money spent from the bailout fund.
Unfortunately, despite the sudden agreement, it could take up to six months for the money to make its way into circulation.
The deal had been hindered by previous agreements to provide bailout money to Spain. There had been confusion regarding the responsible party should provide the funds and who would be given first positions in the event of a default. The new agreement gives government entities and banks no priority over private lenders in the event of a default.