European debt crisis spiralling out of control

[sianrose]

latest news

European debt crisis spiralling out of control

Reports that Germany and France have begun talks to break up the eurozone amid fears that Italy will be too big to rescue

Fears that Europe's sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets.

Reports emerging from Brussels said that Germany and France had begun preliminary talks on a break-up of the eurozone, amid fears that Italy will be too big to rescue.

Despite Silvio Berlusconi's announcement that he would step down as prime minister once austerity measures were pushed through parliament, a collapse of investor confidence in Europe's third-biggest economy sent interest rates in Italy to the levels that triggered bailouts in Portugal, Greece and Ireland.

Italian bond yields surged through the critical 7% mark, at one point hitting 7.5%, amid concern that the deteriorating situation had moved the crisis into a dangerous new phase.

In Athens talks to appoint a new prime minister to succeed George Papandreou were in deadlock, and will resume on Thursday morning. The Italian president, Giorgio Napolitano, sought to reassure the markets by promising that Berlusconi would be leaving office soon.

Angela Merkel said the situation had become "unpleasant", and called for euro-members to accelerate plans for closer political integration.

"It is time for a breakthrough to a new Europe," she said. "Because the world is changing so much, we must be prepared to answer the challenges. That will mean more Europe, not less Europe."

"Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand … we could run the risk of what some commentators are already calling the lost decade."

The surge in Italian bond yields was eventually capped by the European Central Bank, which intervened in the markets to buy limited quantities of Italian debt. But analysts say the ECB will eventually have to step up its action, and act as a lender of last resort to bring interest rates down to pre-crisis levels. Sony Kapoor, director of Brussels-based think-tank Re-Define, said: "We may be fairly close to the point where an existential threat to the eurozone, and hence the ECB, is on the horizon. This could easily spiral out of control."

full article

http://www.guardian.co.uk/business/2011/nov/09/european-debt-crisis-eurozone-breakup

[trottigy]

In both those countries - "I know where the money is. I know where the money is." Nana nana na na Only a 25 minute walk from the Parliament building to where it is:

They are only 25 minutes away from having enough money to restore the country. "Hang on to your seats, it is going to be a bumpy ride" ;)

[Astrid]

well, somehow they can't see this money.....

but soon....

[GrumpysWife]

well, somehow they can't see this money.....

but soon....

Maybe we can email them, so they'll know.

[Astrid]

we could try

[sianrose]

you can see how they are getting more reasons to get the churches money...if the governments are going broke...its getting very near....

[Mrs. Musky]

well, somehow they can't see this money.....

but soon....

Maybe we can email them, so they'll know.

Too funny, Vernalee....great idea!

[Daniela]

well, somehow they can't see this money.....

but soon....

Maybe we can email them, so they'll know.

Too funny, Vernalee....great idea!

Good idea! :lol1:YES! YES! YES!

[rachee]

Wow only 25 minutes away from debt relief! We will be watching closely to these events

[sianrose]

Interesting choice of word from UK ...MP...

Italian crisis has put Britain in 'clear and present danger' says Cameron as Cable warns of 'Armageddon scenario'

David Cameron today warned that the eurozone debt crisis has placed Britain in 'clear and present danger'.

The Prime Minister admitted that the government is preparing for 'every eventuality' as Italy struggles to repay her debts.

full article

http://www.dailymail.co.uk/news/article-2059756/Italian-crisis-Britain-clear-present-danger-warns-Cameron-Cable-predicts-Armageddon-banks.html

[trottigy]

I think he is making a really good prediction. From his mouth to Jehovah's ears I am hopeful.

But if this isn't it - I know it won't be much longer.

[Áine]

Things are changing quickly by the minute... I actually think that Italy will prove to be the straw that breaks the donkeys back... and that eventually they will break up the European Union... there is no way that they could bail out something as large as Italy...

Exciting times

[trottigy]

OK did a little research and came up with this -

....Another myth is that the Vatican is ultra-wealthy, he said. The annual operating budget of the Vatican City State is $270 million, he said, comparing that with the annual operating budget of the University of Notre Dame in South Bend, Ind., which is $1.2 billion. The Catholic Church in the United States collects $200 million a week, almost enough to fund the Vatican for a year, he said....The Holy See’s financial means are “not as endless as people imagine,” he said....

....As for the Vatican art, it is “literally priceless,” Allen said, because it can never be sold but is kept for the benefit of humankind and requires millions of dollars to maintain and restore. Though the Vatican Museum collects entry fees, that money is used to defray the mammoth maintenance and restoration costs....

OK, so the Vatican ITSELF may not have money, but $220 million a week isn't chump change. ($200,000,000 * 52 weeks = $10.4 Billion - just US - just last year (2010) )

OK there debt is $2.6 TRILLION (1.9 Trillion Euros)

Maybe they will need a few more churches to kick in or sell some of that art (see Judas' comment at - Mtt 26: 8& 9 "Why this waste? 9 For this could have been sold for a great deal and been given to poor people.”)

[Tazzy]

In both those countries -

"I know where the money is. I know where the money is." Nana nana na na

Only a 25 minute walk from the Parliament building to where it is:

They are only 25 minutes away from having enough money to restore the country.

"Hang on to your seats, it is going to be a bumpy ride" ;)

Funny you say this on the very night a return visit of ours said the same thing to us! He was raised Catholic, lost all faith in God and the Bible from the hypocrisy he saw in the church and from the 'brothers' at his Catholic school growing up... I will tell the story from the beginning over in the field service thread later today or this weekend. It is so encouraging!

I came on this thread and here you said the same thing.

[sianrose]

Some interesting information on this site...

http://www.money.co.uk/misc/the-business-of-religion.htm#englishchurch

The link between money and religion is a grey area, fraught with conspiracy and scandal. Some of the wealthiest organisations on the planet are religions or religious movements - some ancient, some modern - yet the followers of religion and the countries in which they are practised are often the poorest.

Here, the money.co.uk team has examined some of the richest religions and their relationships with wealth.

Catholic Church

Fortune comes from: Mostly priceless works of art, but the Catholic Church were implicated in the disappearance of plundered Nazi gold, discovered in a shrine in Fatima, which the Church admitted to having in 2000. Tourism to the Vatican accounts for some of their income

Total worth: Hundreds of billions of dollars worldwide.

Spends on: Upkeep of an extensive international network of churches, compensation payouts for abuse victims (totalling over half a billion dollars in the USA). It is also one of the largest provider of humanitarian care and relief aid in the world.

Church of England

Fortune comes from: £200 million ($320m) in cash donations from congregations, £250m ($400m) in legacies, events and services, and £200m ($320m) in Gift-Aid donations. The Church used to be the biggest landowner in Britain, but most of that land was sold off to fund the £4.4bn investment portfolio which earns £160m+ ($255m+) every year.

Total worth: Billions

Spends on: Pensions, salaries, and maintaining 16,000 ancient buildings (most of which are Grade 1 listed). There are 43 cathedrals which require constant upkeep and repair.

Church of Scientology

Fortune comes from: The subscription based religion charges to allow members to progress up the religious hierarchy. It costs around £168,700 to reach Operating Thetan VIII, the highest rank in the Church of Scientology. Newcomers to Scientology are thoroughly scrutinised financially and, according to many sources, often encouraged to take out loans if they cannot afford courses.

Total worth: Not known, but definitely in the hundreds of millions and probably in the billions of dollars.

Spends on: the Church of Scientology has a made many eyebrow raising purchases over the years, including nearly £2m in gold bullion and £9.3m on their very own cruise ship.

[GrumpysWife]

I love this picture from that website:

[CMWYW]

Interesting choice of word from UK ...MP...

Italian crisis has put Britain in 'clear and present danger' says Cameron as Cable warns of 'Armageddon scenario'

David Cameron today warned that the eurozone debt crisis has placed Britain in 'clear and present danger'.

The Prime Minister admitted that the government is preparing for 'every eventuality' as Italy struggles to repay her debts.

full article

http://www.dailymail.co.uk/news/article-2059756/Italian-crisis-Britain-clear-present-danger-warns-Cameron-Cable-predicts-Armageddon-banks.html

They truly are putting a band-aid over something that resembles an amputation. If i am not mistaken wasn't it a recession that proceeded both the world wars of the last century.

We will soon be in a time when money is worthless and only faith in Jesus's sacrifice will save us.

Eze 7:19 “‘Into the streets they will throw their very silver, and an abhorrent thing their own gold will become. Neither their silver nor their gold will be able to deliver them in the day of Jehovah’s fury.

Rev 18:11 “Also, the traveling merchants of the earth are weeping and mourning over her, because there is no one to buy their full stock anymore, 12 a full stock of gold and silver and precious stone and pearls and fine linen and purple and silk and scarlet; and everything in scented wood and every sort of ivory object and every sort of object out of most precious wood and of copper and of iron and of marble; 13 also cinnamon and Indian spice and incense and perfumed oil and frankincense and wine and olive oil and fine flour and wheat and cattle and sheep, and horses and coaches and slaves and human souls. 14 Yes, the fine fruit that your soul desired has departed from you, and all the dainty things and the gorgeous things have perished from you, and never again will people find them.

15 “The traveling merchants of these things, who became rich from her, will stand at a distance because of [their] fear of her torment and will weep and mourn, 16 saying, ‘Too bad, too bad—the great city, clothed with fine linen and purple and scarlet, and richly adorned with gold ornament and precious stone and pearl, 17 because in one hour such great riches have been devastated!’

Interesting times indeed!!

[LindaViktoria]

In a big swedish newspaper they write that this could get far worse than the survivers from WWII in Europe could ever imagine...

I understand that people in the world are getting afraid over whats coming over them as they won´t see any way out.

Just as the bible says.

I´m so grateful that Jehovah has promised us that he will take care of us. Because of that we can remain calm.

Very interesting times indeed!

[Bro.David Drake DeLaurento]

In both those countries - "I know where the money is. I know where the money is." Nana nana na na Only a 25 minute walk from the Parliament building to where it is:

They are only 25 minutes away from having enough money to restore the country. "Hang on to your seats' date=' it is going to be a bumpy ride" ;)[/quote'] Just in case they still cant see it, put a big X on it.... You can lead a horse to water, but this horse will drink!

[Willow]

Maybe we can email them, so they'll know.

I'm pretty sure Jehovah has His finger on the "SEND" button...

[retroHelen]

The Vatican has not said what it's large portfolio of stocks and shares includes - mind you, they may be been losing quite a bit on those in this financial crisis as well as in court expenses and fines and out of court settlements on abuse cases,etc. Nino LoBello the investigative journalist once revealed some of their stocks and shares and it included investments in a contraceptive factory then, but they perhaps changed that after it was revealed!

[retroHelen]

With all the haggling between European leaders and UK Prime Minister and not much agreement, speculation could be as to whether UK may draw further from Europe and renew it's ties as Anglo/American World Power, thus perhaps more obviously fulfilling prophecy than before.

Europe wants more power over UK banks and UK cannot agree to that as they used taxpayer's money to bail many UK banks out and supposedly give the tax-payer more control and ownership, which they would not have if Europe had more control. Europe wants more fees paid for bank transactions which our Prime Minister knows would stifle business in an already heavily taxed country and so the hagglling goes on.

[Willow]

Thanks for the update, Helen. I always appreciate and trust your perspective on these matters.