The Europeans shovelled billions of new debt into the Spanish banking system hoping to put out the fires in that shaking nations financial markets. After a day or two of positive response, the bottom once again fell out, and we are back to square one.
This economic mess will simply not be solved by billions of new debt. In fact many economists worth their salt are warning that it's all going to collapse, and very soon. Any eurozone collapse will be like a domino taking the rest of the world economy with it. This will allow for the creation of the new financial/economic system that will for a time, exist under the rule of the Antichrist during the Tribulation period, (Revelation 17 & 18)
From the articles:
Chief economic advisor Kaushik Basu has warned that if the Eurozone breaks up finally, it will be more disastrous than the 2008 global financial crisis triggered by the fall of the Wall Street banks, from which the global economy is yet to recover. "If
The weekend plan to rescue
ailing banks was supposed to boost confidence in Spain and the other 16 countries
that use the euro. The skeptics said it would only provide temporary relief for
the markets. In the end, it barely even did that. Stocks and bonds surged in
the first hour of trading on Monday, a knee-jerk reaction to the weekend news
would funnel to banks up to €100 billion ($124.7 billion) in loans from its
euro partners. But hours later, stock prices were back down, government borrowing
costs up and bad economic news piled up across Europe.
‘Eurozone breakup will be more disastrous than 2008 economic crisis’ warns chief economist
Eurozone break-up could hit us in face, warns Basu
Europe crisis rages on despite
Spain banks rescue