European Union leaders agree to one banking overseer (Second Coming Watch Update #261)

European Union leaders agree to one banking overseer. According to United Press International, European Union leaders agreed to create a single banking overseer for the eurozone that could aid ailing banks. The European Central Bank was put into the framework as the region-wide banking supervisor, formalizing an arrangement the leaders agreed to at a summit meeting in late June. The new system would be phased in starting on January 1, 2013, and would likely cover all 6,000 banks in the 17-nation eurozone by January 1, 2014.

Israel reports first use of surface-to-air missiles by Gaza terrorists. According to Cybercast News Service, in a new sign of the growing dangers facing Israel, security officials have confirmed that terrorists in the Gaza Strip for the first time have fired an anti-aircraft missile at an Israeli aircraft. Officials told Ynet News that the weapon targeted an Israeli military helicopter over the Hamas-ruled territory last week but missed. Israel has long suspected Hamas of having such weapons, and amid the chaos accompanying the downfall of the Gaddafi regime in Libya, more are believed to have been smuggled into Gaza.

A moderate earthquake rattles Egypt and is felt in Israel. According to The Times of Israel, a moderate earthquake rattled Egypt early Friday morning and was felt as far away as Israel, just two days before a scheduled nationwide earthquake-preparedness drill. The tremor, measuring a magnitude of 5.0 on the Richter scale, did not cause any injuries or damage, according to initial reports. The epicenter of the quake was approximately 95 miles north of the Egyptian coastal city of Alexandria.

The Bible says in Matthew 16:27: "For the Son of man shall come in the glory of his Father with his angels; and then he shall reward every man according to his works."

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