This last week delegates from the International Monetary Fund (IMF), World Bank and the Eurozone have been meeting in Washington DC to try to find a way through the current economic crisis in Europe, which is the biggest immediate threat to the world’s economy.  Failure to find a workable solution will plunge the western world into another deeper recession, if not something much worse.

So far, attempts to solve the problems have done little but delay any real action being taken, and the apparent lack of understanding and leadership amongst Europe’s politicians has sparked fears of global recession throughout the markets.

The latest real suggestion would provide a €2 trillion bailout fund. The hope being, this would provide a sufficient fire-wall around Greece, Portugal and Ireland; as well provide sufficient funds to bail out Spain or Italy if they should require assistance. Furthermore the deal would provide massive re-capitalization of the European banking system. And finally a managed 50% default, or haircut for Greek debt, but still allowing Greece to remain in the Euro.

However, where €2 trillion will be found is unclear. Germany are already skeptical of pumping any more money into bad debt, as well as losing yet more fiscal powers to Brussels. Action is needed fast. The plan has been welcomed by many as a step in the right direction, however it is likely to still be an economically painful road.

The world is now looking to the next G20 meeting in Cannes, France in November, as key in forging a way through this crisis. It is imperative that the spirit under which these complicated and painful decisions will be made, is the right spirit. Support Prophet TV so we can run intercessory prayer trips into Europe at this key time for the world economy.