SITE NOTICE | MORE..SermonAudio Live Webcast Event! We are proud to be partnering with the Reforming Families Conference held this year at the Creation Museum! We are on-location webcasting the event and we hope you'll join us each session! .. click for more info!
The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.
That it should have to do so as Germany and the European Central Bank hold back for legal reasons and refuse to commit decisive power adds a strange diplomatic twist.
The move came once it was clear that Europe's prostrate banks would struggle to roll over $2 trillion (Â£1.3 trillion) of debts denominated in dollars. Data from ratings agency Fitch shows that US money markets have slashed funding for French banks by 69pc and German banks by 50pc....