Euro Hits 11-Year Low Against Yen

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!"

<blockquote>“…the manipulation of money and goods is soon to be revealed as the main method of control imposed upon society by the Antichrist.”
<p style="text-align: right;">-Jim Bakker in “Prosperity and the Coming Apocalypse”</p>

The continued debt problems in Spain, despite the country receiving banking bailouts, is rippling across Europe and driving the Euro down against foreign currencies.

The euro fell to 94.37 yen this morning, the lowest point for the Euro since November 2000. The fall came after news late Friday that Spain’s Valencia region had requested emergency funds from a new rescue fund. Madrid’s borrowing costs skyrocketed to levels that analysts see as impossible to sustain in the long run.

The yield on 10-year Spanish bonds shot up a quarter point until 7.28% as the Ibex stock index fell almost 6% marking it’s worst fall in almost two years.

The Euro also dropped against the US Dollar and Australian and New Zealand currencies.

Asian markets also dropped because they fear their exports to Europe will fall due to the worsening economy.