Economists in Europe now believe the French banking system is days away from requiring re-capitalization, and the Italian banks are not far behind them.

French banks have massive exposure to the European debt crisis, in particular to Greek debt. One of France’s biggest banks, BNP, alone has a eurozone sovereign debt exposure of some €75bn, amounting to roughly 6% of total assets, including €14bn of Greek debt and €21bn of Italian government bonds.

There is continued speculation that the Germans will kick the Greeks out the Eurozone; if this happens Greek debt will be worthless, and the banks will lose their money.

The whole problem is compounded by the lack of clear understanding about how to deal with the crisis as a whole. So far measures have been more like a sticking plaster on a gaping wound, as the victim slowly bleeds to death. Politicians from every European nation have failed to grasp the enormity of the problems they face, and no viable solution has presented itself. This week Barak Obama, as well as the Chinese Premiere, have urged the European leaders to take more responsibility for the crisis and to take decisive action in order to stablize the markets.

Although these issues may all seem very distant – affecting Continental Europe, the Europe problem is the biggest factor influencing global markets at this time. If a sustainable solution is not found and implemented it will not only be the European economy that will crash, it will crash the global economy. This is a time when developed nations have nothing left in their economic arsenal to fight off economic armageddon 1931 style.

With the difficulties facing Europe one could say a miracle is needed. Certainly to steer Europe safely through this crisis, wisdom and conviction are essential on a Biblical scale. We have just witnessed what happens when the mantle on Prophet TV enters a region, in New York hurricanes changed course as soon as the mantle entered the city. Prophet TV has many testimonies of the power on this ministry, to turn economic catastrophe around. This time more than any other, we need God to intervene and show the way ahead. Confidence and faith needs to be returned to Europe, and wisdom prevail in the leaders of the nations of Europe. Support Prophet TV, so these giftings can be brought back into Europe.