The Greek Debt Crisis

by Frederick Hoehn, copyright 2015, all rights reserved.

Chapter 1

A deadline is approaching for Greece.  By the end of June, 2015, they're supposed to make a payment on their debt of around 1.8 Billion Euros.  

Many nations, including Greece, don't have that kind of money just laying around.  

Last I heard, a Euro was worth about $1.12  

And if Greece can't make this payment by the deadline, they may be out of the European Union, and go back to using their old currency, the Drachma.  

That would probably be bad for the European Union, for Greece, and for the world.  

But Greece's problems have been building for a long time.  

A couple years ago, I read about someone who traveled to Greece and purchased something.  They paid for their purchase, and then they asked for a receipt.  

The merchant said, "Oh, well if you want a receipt, then we'll have to charge you the higher amount that includes the sales tax."

Yes, I suppose that merchants might sell more goods if they don't charge the sales tax.

But that doesn't help the Greek government pay its bills.  

Governments must be diligent to go and collect the sales tax from merchants.  

You send out people who seem to be ordinary citizens to make purchases.  If the merchant doesn't collect sales tax, you arrest and prosecute those merchants.  

Then other merchants, you see, will get the idea, "Oh, well we'd better collect the sales tax, and send it on to the government."

But if the government is lax about collecting taxes, then people will be lax about paying their taxes.  

Another of the financial problems in Greece is that people think they ought to be allowed to retire young.  

The problem with that is, who's going to pay for it?

Also in Greece, people want to work a short work week.  

The normal thing in the U.S. is a forty hour work week.  

But if the folks are only working 35 hours a week, then not as much work is getting done.  

And if you want to work fewer hours for the same amount of money, that's not good for the employer.  The employer has to be able to operate profitably, or they can't stay in business.

And I understand that the unemployment rate in Greece is already sky high.  

Greece has a newly elected Prime Minister, who apparently, is pretty much a Socialist.  

Socialism is a lot like Communism, and Communism hasn't worked very well in the nations where it has been tried.  

They have a kind of Communism in China.  But the Chinese government found that things work better if you allow a little free enterprise, like in the U.S.   

People work harder if they can keep more of what they earn.  

And China, based on that idea, is starting to have a Middle Class.  

People are buying cars and other durable goods.  

There is some investing in real estate.  

Chapter 2

Greece has apparently cut the retirement income somewhat.  Some of the retirees are having a hard time making it on the reduced income.  

People in Greece have complained about the austerity measures.  

Well yes, austerity can be unpleasant, but when you go deep into debt, something has to be done to get out of debt.  

A scripture on the subject is, "The borrower is servant to the lender." (Prov 22:7)

One of the earliest versions of the Bible is the Greek Bible.  But the Greeks don't seem to know the Bible very well.  

I have a Power Bible for my Computer.  You can choose to display an interlinear version.  You get the English, and also the Greek version, when studying the New Testament.  And you can get definitions of the Greek words.  

Since the Greeks had so much to do with the origin of the Bible, wouldn't it be a good idea for them to learn more of the Bible, which is just full of sound financial principles?

The Book of Proverbs in the Bible ought to be required reading for the Greeks.  I believe it would open their eyes to some important principles that they've lost sight of.  

For example, "Drowsiness shall clothe a man with rags." (Prov 23:21)

Also, "Don't love sleep so that you don't come to poverty.  Open your eyes, and you'll be satisfied with bread." (Prov 20:13)

The Bible teaches that lazy people will become poor.  

"He that loves pleasure shall be a poor man, he that loves wine and oil shall not be rich." (Prov 21:17)

That's true for individuals, but it also applies to nations.  

"There is treasure to be desired and oil in the dwelling of the wise, but a foolish man spends it up." (Prov 21:20)

The wise tend to be prosperous.  But if a nation is poor, maybe there's something wrong with their wisdom.  

"He that is despised, and has a servant, is better than he that honors himself, and lacks bread." (Prov 12:9)

"He that tills his land shall be satisfied with bread, but he that follows vain persons is void of understanding." (Prov 12:11)

"A man shall be satisfied with good by the fruit of his mouth, and the wages for a man's work shall be rendered to him." (Prov 12:14)

"Righteousness exalts a nation, but sin is a reproach to any people." (Prov 14:34)

I don't know that Greece is exceptionally bad about their righteousness, but their severe financial problems certainly raise the righteousness issue.  

Another problem that seems to be very prevalent throughout Europe is that they won't execute murderers.  

And didn't one of the Popes say that he was against Capital Punishment?   

But why would you be against Capital Punishment when God requires it?

"You shall not pollute the land that you're in, for blood defiles the land, and the land can't be cleansed from the blood that is shed in it, except by the blood of him that shed it." (Num 35:33)

When it talks about blood defiling the land, it doesn't mean if you kill an animal for food.  No, it means the blood of murder victims.  

So then, God tells us to execute murderers (not put them in prison for life.)

If you're against Capital Punishment, you're against one of the commandments of God.  

You don't have the right to change God's rules even if you're the Pope.  

And where they won't execute murderers, the land continues to become more and more defiled.  

Problems like Greece has, that have been accumulating for years, are not easily solved in an instant.  

Of course, our own nation doesn't exactly seem to be a genius about finances.  They say that Social Security will run out of money by 2032,  

So, probably the retirement age will have to be raised again.  People are living longer than they used to.  The baby boomers will be retiring, we are told.  

Originally, the idea of Social Security was that you pay your money in during your working career.  Then interest accumulates on that money in the bank.  Then when you retire, the interest pays your retirement benefits.  

But it seems that they found other things to do with the money than let it draw interest, so that now, it's the working people who are paying into the system that support those who've retired.  

But they're saying that when the baby boomers retire, there won't be enough workers to support the retirees.  


___James chapter 1
 1 James, a servant of God and of the Lord Jesus Christ, to the twelve tribes that are dispersed around, greetings.
 2 My brothers, count it all joy when you fall into various temptations,
 3 Knowing this, that the testing of your faith works patience.
 4 But let patience have its perfect work, so you'll be perfect and complete, lacking nothing.
 5 If any of you lacks wisdom, let him ask God for it, who gives to all men liberally, and won't find fault, and it shall be given to him.
 6 But let him ask in faith, nothing wavering.  For he that wavers is like a wave of the sea driven by the wind and tossed.
 7 For let that man not think that he'll receive anything from the Lord.
 8 A double minded man is unstable in all his ways.
 9 Let the brother of low degree rejoice in that he is exalted,
 10 But the rich, in that he is made low, because as the flower of the grass he'll pass away.
 11 For the sun has no sooner risen with a burning heat, but it withers the grass, and the flower of it falls, and the grace of the fashion of it perishes, so also shall the rich man fade away in his ways.
 12 Blessed is the man that endures temptation, for after he's been tested, he'll receive the crown of life, that the Lord has promised to those who love him.
 13 Let no man say when he is tempted, "I am tempted by God," for God can't be tempted with evil, nor does he tempt any man,
 14 But every man is tempted, when he is drawn away by his own lust, and enticed.
 15 Then when lust has conceived, it produces sin, and sin when it's finished, produces death.
 16 Do not err, my beloved brothers.
 17 Every good gift and every perfect gift is from above, and comes down from the Father of lights, with whom is no variableness, nor shadow of turning.
 18 He chose to father us with the word of truth, so that we would be a kind of first fruits of his creatures.
 19 So, my beloved brothers, let every man be swift to hear, slow to speak, slow to anger,
 20 For the anger of man doesn't accomplish the righteousness of God.
 21 So, lay apart all filthiness and the unnecessary naughtiness, and receive with meekness the engrafted word, which is able to save your souls.
 22 But be doers of the word, and not hearers only, deceiving your own selves.
 23 For if anyone is a hearer of the word, and not a doer, he is like a man seeing his natural face in a mirror,
 24 For he sees himself, and goes his way, and immediately forgets what kind of man he was.
 25 But whoever looks into the perfect law of liberty, and continues in it, he being not a forgetful hearer, but a doer of the work, this man shall be blessed in his deed.
 26 If any man among you seems to be religious, and doesn't bridle his tongue, but deceives his own heart, this man's religion is for nothing.
 27 Pure religion and undefiled before God the Father is this, to visit the fatherless and widows in their affliction, and to keep himself unspotted from the world.

___James chapter 2
 1 My brothers, don't have the faith of our Lord Jesus Christ, the Lord of glory, with respect of persons.
 2 For if a man with a gold ring comes to your assembly in fancy clothes, and a poor man in dirty clothes comes in also,
 3 And you have respect to him that wears the fancy clothes, and say to him, "Sit here in a good place," and say to the poor, "Stand there, or sit here under my footstool,"
 4 Aren't you then partial in yourselves, and have become judges with evil thoughts?
 5 Listen, my beloved brothers, hasn't God chosen the poor of this world rich in faith, and heirs of the kingdom that he has promised to those who love him?
 6 But you have despised the poor.  Don't rich men oppress you, and bring you before the judgment seats?
 7 Don't they blaspheme that worthy name by which you're called?
 8 If you fulfill the royal law according to the scripture, "You shall love your neighbor like yourself," you do well,
 9 But if you have respect of persons, you commit sin, and are convicted by the law as sinners.
 10 For whoever shall keep the whole law, and yet offend in one point, he is guilty of all.
 11 For he that said, "Do not commit adultery," also said, "Do not kill."  Now if you don't commit adultery, yet if you kill, you've become a breaker of the law.
 12 Speak in such a way, and do, as those who'll be judged by the law of liberty.
 13 For he shall have judgment without mercy, that has shown no mercy, and mercy rejoices against judgment.
 14 What does it profit, my brothers, though a man says he has faith, and doesn't have works?  Can faith save him?
 15 If a brother or sister needs clothes, and lacks daily food,
 16 And one of you says to them, "Depart in peace, be warmed and filled," but you don't give them the things that are needed for the body, what good is that?
 17 Even so faith, if it doesn't have works, is dead, being alone.
 18 Yes, a man could say, "You have faith, and I have works, show me your faith without your works, and I'll show you my faith by my works."
 19 You believe that there is one God, you do well, the devils also believe, and tremble.
 20 But don't you know, O vain man, that faith without works is dead?
 21 Wasn't Abraham our father justified by works, when he had offered Isaac his son on the altar?
 22 Do you see how faith worked with his deeds, and by works faith was made perfect?
 23 And the scripture was fulfilled that says, "Abraham believed God, and it was counted to him as righteousness, and he was called the friend of God."
 24 You see then how that by works a man is justified, and not by faith only.
 25 Likewise also wasn't Rahab the prostitute justified by works, when she had received the messengers, and had sent them out another way?
 26 For like the body without the spirit is dead, so faith without works is dead also.

___James chapter 3
 1 My brothers, don't be many masters, knowing that we'll receive the greater condemnation.
 2 For in many things we offend all.  If any man doesn't offend in word, the same is a perfect man, and able also to bridle the whole body.
 3 See, we put bits in the horses' mouths, so they'll obey us, and we turn around their whole bodies.
 4 Look also at the ships, which though they're so large, and are driven by fierce winds, yet they're turned around by a very small helm, wherever the captain wants.
 5 Even so, the tongue is a little member, and boasts great things.  See how great a matter a little fire kindles!
 6 And the tongue is a fire, a world of sin, so is the tongue among our members that it makes dirty the whole body, and sets on fire the course of nature, and it is set on fire by hell.
 7 For every kind of animals, and of birds, and of snakes, and of things in the sea, gets tamed, and has been tamed by mankind,
 8 But no man can tame the tongue, it is an unruly evil, full of deadly poison.
 9 With it we bless God, the Father, and with it we curse men, who are made after the likeness of God.
 10 Out of the same mouth proceed blessing and cursing.  My brothers, these things ought not to be.
 11 Does a fountain send out at the same place sweet water and bitter?
 12 Can the fig tree, my brothers, produce olive berries?  Or a vine, figs?  So no fountain can yield both salt water and fresh.
 13 Who is a wise man, possessing knowledge among you?  Let him show out of a good lifestyle his works with meekness of wisdom.
 14 But if you have bitter envying and strife in your hearts, don't glory, and don't lie against the truth.
 15 This wisdom doesn't descend from above, but is earthly, sensual, devilish.
 16 For where envying and strife is, there is confusion and every evil work.
 17 But the wisdom that is from above is first pure, then peaceable, gentle, and easy to be reasoned with, full of mercy and good fruits, without partiality, and without hypocrisy.
 18 And the fruit of righteousness is planted in peace by those who make peace.

___James chapter 4
 1 Where do wars and fightings among you come from?  Don't they come from your lusts that war in your members?
 2 You lust, and don't have, you kill, and desire to have, and can't obtain, you fight and war, yet you don't have, because you don't ask.
 3 You ask, and don't receive, because you ask wrongly, so you can consume it on your lusts.
 4 You adulterers and adulteresses, don't you know that friendship with the world makes you an enemy of God?  Whoever therefore wants to be a friend of the world is an enemy of God.
 5 Do you think that the scripture says for nothing, "The spirit that lives in us lusts to envy?"
 6 But he gives more grace.  So he says, "God resists the proud, but gives grace to the humble."
 7 Submit yourselves therefore to God.  Resist the devil, and he'll run away from you.
 8 Draw near to God, and he will draw near to you.  Cleanse your hands, you sinners, and purify your hearts, you double minded.
 9 Be afflicted, and mourn, and cry, let your laughter be turned to mourning, and your joy to heaviness.
 10 Humble yourselves in the sight of the Lord, and he'll lift you up.
 11 Don't speak evil about each other, brothers.  He that speaks evil about his brother, and judges his brother, speaks evil about the law, and judges the law, but if you judge the law, you're not a doer of the law, but a judge.
 12 There is one lawgiver, who is able to save and to destroy, who are you that judges someone else?
 13 Go on now, you who say, "Today or tomorrow we'll go into such a city, and continue there a year, and buy and sell, and make a profit,"
 14 Actually, you don't know what will happen tomorrow.  For what is your life?  It is a puff of steam, that appears for a little time, and then vanishes away.
 15 For you ought to say, "Lord willing, we'll live, and do this, or that."
 16 But now you rejoice in your boastings, all such rejoicing is evil.
 17 Therefore to him that knows to do good, and doesn't do it, to him it is sin.

___James chapter 5
 1 Go on now, you rich men, cry and howl for your miseries that shall come on you.
 2 Your riches are corrupted, and your clothes are moth eaten.
 3 Your gold and silver are rusted, and the rust of them shall be a witness against you, and shall eat your flesh like fire.  You've heaped treasure together for the last days.
 4 See, the wages of the laborers who have reaped down your fields, which you've kept back by fraud, shouts, and the shouts of those who've reaped have entered into the ears of the Lord of Sabbath.
 5 You've lived in pleasure on the earth, and been wanton, you've nourished your hearts, like in a day of slaughter.
 6 You've condemned and killed the just, and he doesn't resist you.
 7 Be patient therefore, brothers, until the coming of the Lord.  See, the farmer waits for the precious fruit of the earth, and has long patience for it, until he receives the early and latter rain.
 8 You also be patient.  Establish your hearts, for the coming of the Lord is getting near.
 9 Don't grudge against each other, brothers, so you won't be condemned, see, the judge stands at the door.
 10 Take, my brothers, the prophets, who've spoken in the name of the Lord, for an example of suffering affliction, and of patience.
 11 See, we count them happy that endure.  You've heard of the patience of Job, and have seen the end of the Lord, that the Lord is very pitiful, and of tender mercy.
 12 But above all things, my brothers, don't swear, not by heaven, nor by the earth, nor by any other oath, but let your yes be yes, and your no, no, so that you don't fall into condemnation.
 13 Is anyone among you afflicted?  Let him pray.  Is anyone merry?  Let him sing psalms.
 14 Is anyone sick among you?  Let him call for the elders of the church, and let them pray over him, anointing him with oil in the name of the Lord,
 15 And the prayer of faith shall save the sick, and the Lord shall raise him up, and if he has committed sins, he'll be forgiven.
 16 Confess your faults to each other, and pray for each other so you'll be healed.  The effective, fervent prayer of a righteous man is does a lot of good.
 17 Elijah was a man subject to the same kind of passions that we are, and he prayed earnestly that it wouldn't rain, and it didn't rain on the earth for three years and six months.
 18 And he prayed again, and the heaven gave rain, and the earth produced its fruit.
 19 Brothers, if any of you strays from the truth, and someone converts him,
 20 Let him know, that he that converts the sinner from the error of his way shall save a soul from death, and shall hide a multitude of sins.