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!"
“…the manipulation of money and goods is soon to be revealed as the main method of control imposed upon society by the Antichrist.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
Ratings firm Finch has cut the rating of the country of Cyprus to junk status. The cut is believed to be in response to Cyprus banks holding much of the real estate debt of Greece.
Fitch states that Cyprus will need at least 4 billion euros to support its banks on top of 1.8 billion euros needed to recapitalize its lender Cyprus Popular Bank. The bank needs and the junk rating will make it almost impossible for the country to borrow from international markets.
Cyprus is reportedly trying to avoid taking a bailout from the EU because it would come with economic conditions that are unappealing to the nation’s leaders. Currently the nation has a 10% corporate tax rate used to lure in foreign companies.
The country may have no choice as the need of the bailout could reach ¼ of its economic output for the year.
“Cypriot banks will have to bear significant further losses as the Greek economy continues to contract,” Fitch said in a statement. Other credit rating agencies like Moody’s and Standard & Poor’s had already cut Cyprus’ rating to junk status.
