SITE NOTICE | MORE..Upload Sermons From Mobile! With the 4.0 release of our iPhone App, effective immediately, all broadcasters can now upload audio sermons to SermonAudio directly from their iOS device! Check it out! .. 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 (¬£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....