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!"
<blockquote>“…the manipulation of money and goods is soon to be revealed as the main method of control imposed upon society by the Antichrist.”
<p style="text-align: right;">-Jim Bakker in “Prosperity and the Coming Apocalypse”</p>
</blockquote>
Spain’s economic woes took another hit when credit agency Moody’s cut the country’s bond rating three notches to Baa3. The rating is just one notch above classifying Spanish bonds as “junk bonds.”
The credit dip was attributed directly to the country’s 100 billion euro bailout from fellow euro zone countries that was approved over the weekend. Lenders have been stating concern for Spain’s future in the euro zone as a result of their continuing banking woes.
The bailout agreed to puts the government responsible for any losses that occur after the bailout is given to the country’s banks. There is also suspicions by investors that the bailout would do nothing to help Spain’s private-sector investors.
Markets are continuing to have a negative response to the bailout. Spain’s 10 year implied cost of borrowing is still hovering around the record high reached on Tuesday.
Cyprus had their rating cut at the same time, lowering it two notches from Ba1 to Ba3, sinking the country further into junk bond status.
The Cyprus government is expected to ask for a 5 billion euro bailout which would equal one-quarter of the nation’s GDP. Cyprus banks were heavily exposed to investment in the troubled Greek banking system. The country had already received a 2.5 billion euro loan from Russia.
