The financial sector has been worst hit. Many major European banks had exposure to the US mortgage market and according to the Institute of International Finance, the European banking sector lost more money last year than American banks.
In Denmark and the UK, governments have stepped in to stop Roskilde and Northern Rock banks going out of business.
The real fear is that is that if one major European bank goes under, others will follow.
Peter Spencer, an economist at Britain’s ITEM Club, speaks of the “virus-like” effect of the credit crunch. “We do not know how long the contagion is going to run,” he told the BBC.
One result of the financial crisis has been a reluctance by banks to lend money to each other and to their customers.
To counter this lack of liquidity, the European Central Bank (ECB) has poured massive amounts of money into the markets to prevent them seizing up altogether.
Many European countries now face the threat of recession, particularly the Irish Republic and Spain. Denmark is already in recession.
That is not entirely down to the credit crunch. Rising food and oil prices and falling house prices have all had an impact.
However, national governments as well as institutions such as the European Commission and the European Central Bank are finding it hard to respond. In fact, they are appealing to the financial and business communities to help.
But those sectors have profound problems of their own and are finding it difficult to find the funds or the motivation to come to the rescue of Europe’s faltering economy.
The feeling to have worked hard or used a little enterprise and initiative to earn some extra income can be very fulfilling. There a lot of people who during this current financial crisis have found themselves doing something that would have been considered totally unconventional not so long ago to earn some extra cash.
One of them is arbitraged online wagering. Sounds a little risqué?
Nothing could be further from the truth. The fact is that arbitraged online wagering is a scheme where you only require a little capital, very little time, limited computer skills to guarantee a return on investment of your capital of 12% every month. And not only that, every penny of your profits are regarded as a tax free investment and are free of all forms of income tax,.
Based around a brilliant little software program known as ArbAlarm, the brainchild of renowned City trader Rajeev Shah, that allows full automization of the arbitrage process when applied to sports betting. If adhered to, players who use the system simply cannot lose.
Shah has applied his considerable skills to turning sports betting into a highly profitable and risk free venture. At first this knowledge was confined to him and a few close friends. Word spread quickly and so many people were knocking on his door asking him to share his formulas and secrets that he decided to put down his theories on paper. He published a book on the subject entitled “Sports-Arbitrage – How to Place Riskless Bets & Create Tax-Free Investments“. The book proved to be an unparalleled success, and the next logical was the launch of ArbAlarm, software designed and programmed to alert its users to a situation where odds set by competing bookmakers had been set in opposition. In other words, one bookmaker fancies a team or a player to lose by such and such a margin whilst the other expects the opposite and is offering alternative odds.
ArbAlarm sports arbitrage software provides and guides its users through the procedure of placing a series of wagers covering any conceivable mathematical outcome on the event, guaranteeing a profit. The software was set up so that someone with the most basic of computer skills could use it. A lot of the people who use ArbAlarm software are quick to declare that they have never had so much fun earning money!
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