"... Un jour prochain, tout notre système économique est voué à l'échec. Quand il échoue, seulement les choses qui ont été faites pour le Christ n'aura aucune valeur réelle. "

-Jim Bakker dans "la prospérité et l'Apocalypse Coming"

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 heures.

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.

Malheureusement, 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.