Merkel says no debt forgiveness for Greece: What will happen?

Germany’s Angela Merkel


Germany’s Chancellor Merkel does not want to forgive Greek debt:

January 31, 2015

Merkel told the German daily Hamburger Abendblatt’s Saturday edition that banks and creditors had already forgiven a considerable amount of Greece’s debt and that she rejected any further concessions.

“There has already been voluntary debt forgiveness by private creditors, banks have already slashed billions from Greece’s debt,” Merkel told the paper, adding: “I do not envisage fresh debt cancellation.”

But she told the paper that she still wanted Greece to remain part of the eurozone.

“Europe will continue to show its solidarity with Greece, as with other countries hard hit by the crisis, if these countries carry out reforms and cost-saving measures,” she said.

Her comments were echoed by German Finance Minister Wolfgang Schäuble, who told the Saturday edition of the Welt newspaper that he saw no need to talk of any debt reduction, as “anyone informed about the financing of Greek debt knew that by 2020 there would be no problems.”

‘No cooperation with troika’

The new Greek government, led by the left-wing Syriza party, has said it wants to negotiate to halve the country’s debt, which still amounts to more than 315 billion euros ($355.48 billion) despite a debt restructuring at the start of 2012 that cut the burden by some 100 billion euros.

At more than 175 percent of gross domestic product (GDP), the sum is a record for the European Union.

The government has also pledged to roll back austerity measures imposed by the European Union and the International Monetary Fund in exchange for a 240-billion-euro ($269-billion) bailout granted to avoid a financial meltdown in 2010.

The German Chancellor and Finance Minister had little choice but to come out in favor of keeping arrangements they helped create.  And actually, US President Barack Obama encouraged them to do so.

So what is next?

The economic and political reality is that Greece is not is a position to pay the debt back as agreed.  Germany is likely to have to either renegotiate or at least accept delays in payment from Greece.  It may also have to ‘forgive’ some amount of debt.

Germany considers its economy strong and the Greeks’ weak.

The Bible tells of a rise of a European power composed of strong and weak parts that do not get along particularly well:

41 Whereas you saw the feet and toes, partly of potter’s clay and partly of iron, the kingdom shall be divided; yet the strength of the iron shall be in it, just as you saw the iron mixed with ceramic clay. 42 And as the toes of the feet were partly of iron and partly of clay, so the kingdom shall be partly strong and partly fragile. 43 As you saw iron mixed with ceramic clay, they will mingle with the seed of men; but they will not adhere to one another, just as iron does not mix with clay. (Daniel 2:41-43)

The rising European Union certain is a mixture like that and some nations do not adhere well with other ones within it.

For reasons of history and geography, Greece is wanted by the European Union.  Greece is a nation that would be expected to be part of the final European Beast power, hence, although there will likely be problems with Greece, it would seem to have to align with Europe.

Today, a reader sent me a link to the following related to Europe from a Greek writer, Yanis Varoufakis, who within the last week, became Finance Minister for Greece:

November 13, 2013

EU officials regularly defend their position in a manner that is simultaneously Jesuit, Orthodox, Catholic and Calvinist:

1. It is Jesuit in the sense that bureaucrats, like Mr Olli Rehn, habitually prove every proposition and its contrary depending on how events pan out.

2. It is Orthodox in that economic analyses are accepted only to the extent that they suit the purposes of prophecy.

3. It is Catholic because of a presumption that debt must condemn whole nations to some institutional purgatory in which collective suffering will deliver them from the sin of debt.

4. And it is Calvinist in the sense of excluding more and more Europeans from the circle of the select, until those left inside it would achieve salvation through faith in the impossible idea of recovering via universal austerity. …

To succeed will take all the powers of Europe’s collected democratic forces. The outcome will define Europe’s future. And the odds of success for the forces of democracy are long indeed.

The final European Beast power is expected to be ruled by a changed form of Roman Catholicism which will be bureaucratic (cf. Revelation 13:16-17) and will incorporate Eastern Orthodox and Protestant (and possibly Calvinistic) beliefs into it doctrines.  This is essentially discussed in biblical (Revelation 13:4-8; 17:1-9,18), Eastern Orthodox, and Roman Catholic prophecies (see Why Should American Catholics Fear Unity with the Orthodox?).

Notice that in his article, Yanis Varoufakis concludes with the belief that democracy is the answer to deal with the technocrats in Brussels.

The reality is that the Bible shows that there will be several reorganizations in Europe, and that they will lead to a dictatorship:

12 “The ten horns which you saw are ten kings who have received no kingdom as yet, but they receive authority for one hour as kings with the beast. 13 These are of one mind, and they will give their power and authority to the beast. (Revelation 17:12-13)

Greece is known as ‘the cradle of democracy.’  Europe pays a certain lip-service to the idea of democracy.  But the biblical reality is that a dictatorship will ultimately rule Europe.  A dictatorship that will include being over Greece.

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