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”
Spain finally made a formal request for euro zone rescue loans to bail out banks overwhelmed with bad debts on Monday. The euro and bank shares fell mainly on speculation that the European Union summit this week will not act decisively on the crisis.
Spanish Economy Minister Luis de Guindos requested 100 billion euros in a letter sent to the Euro group chairman. The final amount of assistance could be less than the requested total.
The 100 billion euro amount is described in the letter as enough to cover all of the banks’ needs along with “an additional security buffer.”
The formal request comes on the heels of a pair of independent audits that estimated the capital needs of the banking system at 62 billion euros. A wide-reaching audit is scheduled for September.
Market economists are quietly saying this banking bailout is a prelude to an entire bailout for the nation of Spain. Borrowing costs for the nation fell from record highs last week but are still hovering around 6.5%.
