Europe's financial crisis now worse than 2008 Lehman Brothers scenario

Spain's borrowing costs continued to rise, now hitting 7%, a level considered to be unpayable in the long run without bailouts.

http://www.huffingtonpost.com/2012/07/09/wrapup-1-eu-gives-spain-m_n_1660714.html

BRUSSELS, July 10 (Reuters) - Euro zone ministers agreed early on Tuesday to grant Spain an extra year until 2014 to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for Madrid's ailing banks....

As ministers were meeting, a top ECB policymaker warned thatEurope's debt crisis was now more acute than the 2008 financial turmoil that felled U.S. investment bank Lehman Brothers.

"The euro zone crisis is now much more profound and more fundamental than at the time of Lehman," ECB Executive Board member Peter Praet told a conference in Lisbon....

Spanish and Italian borrowing costs continued to rise on Monday, with Spain's 10-year bond topping the critical 7 percent level....

Spain and Italy continued to press for European action to put a cap on their borrowing costs.

"At this moment the only institution that has enough money to act is the ECB," Spanish Foreign Minister Jose Manuel Garcia-Margallo said at a conference....

So Europe's leaders are now admitting openly that the crisis is worse than what occurred in September of 2008, when Lehman Brothers collapsed, along with AIG, Fannie Mae, Freddie Mac, etc. In fact, they described the problem as "more fundamental" than the 2008 collapse. That is not only WORSE, but shows that the foundations on which the whole Babylonian system rests are flawed. The foundation is the debt-usury system, a violation of biblical law.

Of course, politicians keep making speeches about the "hopeful signs" and "signs of life" in the dead carcase they call the economy. They are still trying to revive a dying system, rather than to implement a Kingdom economy.