11.11.29 - Eurozone ministers try to beef up rescue fund

We are seeing Bible prophecy coming to pass. Daniel 2:41-44 says this:

And whereas thou sawest the feet and toes, part of potters' clay, and part of iron, the kingdom shall be divided; but there shall be in it of the strength of the iron, forasmuch as thou sawest the iron mixed with miry clay. And as the toes of the feet were part of iron, and part of clay, so the kingdom shall be partly strong, and partly broken. And whereas thou sawest iron mixed with miry clay, they shall mingle themselves with the seed of men: but they shall not cleave one to another, even as iron is not mixed with clay. And in the days of these kings shall the God of heaven set up a kingdom, which shall never be destroyed: and the kingdom shall not be left to other people, but it shall break in pieces and consume all these kingdoms, and it shall stand for ever.

Here's a report from CBC News:

Eurozone ministers have agreed on measures to give their rescue fund more firepower on global markets in an attempt to ease the pressure on their embattled euro currency.

The 17 ministers meeting in Brussels agreed on options to give the rescue fund more leverage power and build up resources to help bigger troubled European Union members such as Italy and Spain.

Earlier Tuesday, the ministers threw a lifeline to Greece, approving an €8 billion ($11 billion Cdn) rescue loan so it would not run out of money in the next few weeks.

Without that money, Greece would have run out of cash before Christmas, leaving it unable to pay its employees or provide services. Two officials in Brussels reported the development, speaking on condition of anonymity while the meeting was still going on.

The installment is part of a €110 billion ($151 billion) bailout package from eurozone nations and the International Monetary Fund that has kept Greece afloat since May 2010. The new cash came after the EU demanded, and received, letters from top Greek political leaders pledging their support for tough new austerity measures.

The move came as Italy's borrowing rates shot up above seven per cent, an unsustainable level in the long term and a shocking increase over rates just last month.

Read the whole article.

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