In an attempt to prevent a financial crisis, the European Central Bank pumped an emergency €94.8bn ($131bn) into the banking system. This cash injection is larger than that the one that happened the day after 9/11 (€69bn) which shows what a big problem the ECB is facing.

This “cash injection” is really just the ECB printing loads of worthless fiat currency and throwing it at the problem, but this will not prevent the coming financial crisis that will hit the credit systems, including mortgages and home loans, particularly hard. Along with printing this vast amount of money, the ECB also made a one day pledge to fulfil any and all funding requests from financial institutions.

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