A European economic restructuring of major proportions is coming and it’s only a matter of time. This article pretty much says it all. The quartet of PIGS, (Portugal Ireland Greece Spain
Bible prophecy tells us that out of this economic collapse will come a new economy which will be headed by a messianic figure who will seemingly have all the answers to the global financial problems of the day. Under the administration of this brilliant and charismatic individual, (Antichrist), the world will prosper for a time. However that will all come to and end during the latter part of the Great Tribulation.
The merchants who sold these things and gained their wealth from her will stand far off, terrified at her torment. They will weep and mourn and cry out: “‘Woe! Woe to you, great city, dressed in fine linen, purple and scarlet, and glittering with gold, precious stones and pearls! In one hour such great wealth has been brought to ruin!’ Revelation 18:15-17 NIV
The total exposure of foreign banks to the struggling quartet of Greece, Ireland, Portugal and Spain tops $2.5 trillion (£1.6 trillion) once all forms or risk are included, according to the latest data from the Bank for International Settlements.
The BIS, the central bank of central banks, said in its quarterly report that Germany had $569bn of exposure to the quartet, France $380bn, and the UK $431bn. The geography of risk varies greatly. British-based banks and subsidiaries have $225bn at stake in Ireland , and $152bn in Spain , but little in Portugal or Greece France is up to its neck in Greece with $92bn; a Benelux-led group has $180bn in Spain , and Spain itself has exposure of $109bn to Portugal
Banks have £1.6 trillion exposure to ailing quartet of Greece , Ireland , Portugal and Spain
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