Will Europe Own Greece?

With the financial crisis weighing heavily on Greece, creditor nations are now discussing the issue of obtaining collateral for money they loan Greece—in the event that Greece proves unable to pay back any loans.  Such collateral could include Greek real estate or shares in state assets such as utility companies.  In fact, some have suggested the Greeks could sell some of their islands or even the Acropolis.  Although no “deals” have yet to be agreed upon, given Greece’s forecasted inability to repay much of its mounting debt, other nations in Europe could wind up owning much of Greece (www.euractiv.com, August 29, 2011).

Long ago, God prophesied that at the end of the age, ten kings would give “their power and authority to” a European beast power (Revelation 17:7-13).  While the Bible does not state exactly how this will occur, events across Europe are beginning to suggest ways in which “power and authority” might be given or surrendered to a central political power.  If lending nations begin to demand collateral in assets in exchange for loans to handle the debt crisis, this would set a powerful and sobering precedent, not only for Europe, but also for the entire world—especially Israelite countries—because the borrower becomes a servant to the lender (see Deuteronomy 28:44; Proverbs 22:7).