The media loves to report that there is coming a potential GREXIT meaning that Greece will leave the euro. This is such a hot topic that Wikipedia gave the idea of Greece leaving the Eurozone its own entry. The term “Greece leaving EU” yields 28 search pages as does Greece leaving euro, and there are a list of search phrases that follow. The phrases have even made it into Google’s Keyword tool, “will Greece leave the EU”, Greece leaving the euro, Greece leaving the EU, Greece leave EU, Greece leaves EU , will Greece leave euro, will Greece leave Eurozone to name a few.
Will Greece leave the Euro or leave the EU based on Bible Prophecy? The answer is no, Greece will remain in the EU and remain in the Eurozone.
Prophetic Reasons Greece Will Remain in the EU and the Eurozone
In Bible Prophecy Greece is an integral part, in Daniel’s vision of the overview of the four world empires that will have rule over Israel we see that Greece is the third empire the precedes the fourth which is the Roman.
In Daniel 8:8-10 we see something interesting, it appears as if the Antichrist rises from Greek empire, but we know that he will rise from the Revived Roman Empire.
Daniel 8: 8-10
8 Therefore the male goat grew very great; but when he became strong, the large horn was broken, and in place of it four notable ones came up toward the four winds of heaven. 9 And out of one of them came a little horn which grew exceedingly great toward the south, toward the east, and toward the Glorious Land. 10 And it grew up to the host of heaven; and it cast down some of the host and some of the stars to the ground, and trampled them.
As Daniel Bible Prophecy points out, this leader comes from the four winds which are north, south, east, west and represent the directions of the compass. According to Daniel Bible Prophecy the four notable ones:
Initially the entire kingdom went to Alexander’s natural brother Phillip Aridaeus, and then to his two infant sons Alexander Aegus, and Hercules. Within a very short time these were all killed so there was no natural heir to the throne, and the battle ensued between the 36 generals for control of the kingdom. Eventually it was divided between four— exactly as the prophecy stated. These were Cassander who had Macedonia and Greece in the west, Lysimachus who had Thrace and a large part of Asia Minor in the north, Ptolemy who had Egypt and a part of Syria in the south, Seleucus who had the bulk of the Persian Empire from Syria eastward.
This verse is talking about Cassander who ruled over Macedonia and came under Roman rule in 146 BC. Macedonia , which later became the area that was the heart of the Christianity. West of Macedonia is the Continent of Europe as it stands today and also during the time of Christ. While this lets us know that the Antichrist will come from the area of the Revived Roman Empire, it provides a glimpse to Greece’s in the Roman Empire at the time of the early church and also hints that it will be part of the Revived Roman Empire in the latter days.
The New Testament is written in Greek because while Latin was prevalent in the Roman Empire, Greek dominated the Eastern Empire where Paul concentrated his ministry. Greek was one of the dominant languages of the Roman Empire at the time of Christ. While the book of Daniel Chapter 8:8-10 provides an overview of the end of the Greek Empire, it immediately takes us to the Revived Roman Empire as an affirmation that the final world empire is in fact a revival of the Roman.
This is specified in Daniel 9:26-27, which predicts the destruction of the Second Jewish Temple in AD 70 as being destroyed by “The Prince who is to come,” and we know this is the Antichrist because verse 27 describes this prince as confirming “a covenant with many for one week; But in the middle of the week, He shall bring an end to sacrifice and offering.” The verse further elaborates “And on the wing of abominations shall be one who makes desolate, Even until the consummation, which is determined, Is poured out on the desolate.” This aligns with Jesus’s prediction of the Antichrist.
The New Testament is written in Greek because while Latin was prevalent in the Roman Empire, Greek dominated the Eastern Empire where Paul concentrated his ministry. Greek was one of the dominant languages of the Roman Empire at the time of Christ. While the book of Daniel Chapter 8:8-10 provides an overview of the end of the Greek Empire, it immediately takes us to the Revived Roman Empire as an affirmation that the final world empire is in fact a revival of the Roman.
This is specified in Daniel 9:26-27, which predicts the destruction of the Second Jewish Temple in AD 70 as being destroyed by “The Prince who is to come,” and we know this is the Antichrist because verse 27 describes this prince as confirming “a covenant with many for one week; But in the middle of the week, He shall bring an end to sacrifice and offering.” The verse further elaborates “And on the wing of abominations shall be one who makes desolate, Even until the consummation, which is determined, Is poured out on the desolate.” This aligns with Jesus’s prediction of the Antichrist.
Thus we see a connection of Greece in the Roman Empire during the time of Christ and of its revival in the latter days. This is not to be misunderstood that Greece will have a major part, but a part none-the-less.
There is also the Throne of Satan at Pergamus, which is in modern Turkey, but which according to the article written by CBN:
The people of Pergamum were known as the “Temple-keepers of Asia.” The city had three temples dedicated to the worship of the Roman emperor, another for the goddess Athena, and the Great Altar of Zeus, the king of the Greek gods. Many scholars believe this altar is the “Throne of Satan” mentioned in the book of Revelation.
The Greek Gods and their symbolism are celebrated throughout the EU starting with Europa, the name of the EU online database after the Phoenician woman of high lineage in Greek mythology, for whom the continent of Europe was named. She was abducted by Zeus who came in the form of a white bull.
An article by the New Federalist titled Europa and the Bull: The Significance of the Myth in Modern Europe states:
At this moment of change, the picture on the Greek coin provides the reassurance of continuity: new Europe is still old Europe, with a long tradition that goes back to ancient Greece. Looking at these coins, it is hard not to be struck by the similarity of the iconography. Nor has its function changed: it is still used, as it was back then, to symbolize a region.
Bible Prophecy in Daniel 8: 8-10 is providing elaboration on the revived Roman Empire and it becomes obvious that Greece is a part of it.
Clogg (1992) points out that during the debate in the British Parliament in 1980 over ratification of Greek membership in the EC, a foreign office minister stated that Greece’s entry would be “a fitting repayment by the Europe of today as the cultural and political debt that we all owe to a Greek heritage almost three thousand years old.”
Geopolitically and Economically Why Greece Will Not Leave The EU or the Eurozone
IF Greece were to leave the Eurozone and return to the drachma, it would be economic suicide.
Greece would lose out on the lower transactions costs and the inward investment to Greece. With the euro the second most used currency in the world and the EU market of 508 million citizens, which is the world’s largest single market. Given that the EU is Greece’s largest trading partner, and Greek exports are now driving its economy it makes no sense for Greece to Grexit.
When Greece joined the Eurozone in 2001, the then president of the ECB said Greece still had a lot to do to improve its economy and bring inflation under control. Greece was refused entry in 1999 and enacted austerity measures to make the 2001 entry. In 2004 Greece admitted to cheating to join the Eurozone.
Greece’s financial shortcomings were not a surprise to the Eurozone because they have existed during the entire history of Greece in the euro.
Contrary to the message given to the world by the election of Alexis Tsipras head of the left wing Syriza party, brought to power by disgruntled citizens effected by austerity and Eurosceptics, the Greek economy has steadily been improving since the onset of the financial crisis. Yannis Stournarus , a Greek Economist, who is also the Governor of the Bank of Greece, and former Greek minister of finance, and board member of the IMF, stated at a Lecture on the Greece’s Economy at the London School of Economics concerning a Grexit:
“ after six years of severe recession and five years of fiscal adjustment, the economy has now stabilized and is showing signs of improvement, if this momentum is maintained the economy is likely to return to a steady growth path in the next few years, Grexit is not an option for Greece for the simple reason that the competitiveness of the Greek economy has now been restored over the past five years through internal devaluation and bold reforms in the labor market and less in the product markets, hence Grexit would deliver no benefit, but a lot of pain.
Yannis Stournarus highlighted that, “In case of Grexit the Greek economy would enter another depreciation characterized by extremely tight financial liquidity conditions on account of massive deposit outflows and a dramatic fall in confidence and living standards”
He predicted:
- A rise in unemployment
- A reduction in government revenues generating fiscal and financial gaps
- Imposed capital controls and a freeze of capital
- A rapid depreciation of the new currency, which would cause higher inflation
- A rise in import prices
- The elimination of EU budget inflows to Greece from Cohesion and Structural Funds and Agricultural Subsidies.
- IMF and official debt would run in arrears forcing Greece into lengthy renegotiation processes with an uncertain time before Greece can re enter financial markets
- Negative contagion effect on euro area by introducing instability risk factor into sovereign bond yields
- Geopolitical risks
Yannis Stournarus concluded that, “Overall Grexit would imply huge costs for the Greek people.
Other signs that Greece is not going to Grexit is that EU Commission President Jean Claude Juncker made it clear his intent on keeping Greece in by staring that he ruled out failure and stated that Greece is a permanent member of the Euro and he expects Greece to remain in the Eurozone. Juncker holds considerable weight., He not only leads the European Union but has formerly has held key posts. He chaired ECOFIN, (Council on Economic and Financial Affairs) helped draft monetary union within the Maastricht treaty.
In Juncker’s early days he was on the board of governors of the World Bank for Luxembourg, and served as Luxembourg’s finance minister. He was handpicked by former PM Jacques Santer to replace him. Santer went onto to become the EU Commission President who launched the euro and until his Commission was sacked for corruption. He went onto serve as an MEP for the next five years and he leads a member section of the Union of European Federalists. Jacques Santer and Jean Claude Juncker are out of the same club. These men are brilliant and underestimated by the US financiers and they are EU federalists who share the same aims and they promote each other much like our Republican and Democratic Party members endorse each other. More importantly if anyone understands the euro its strengths and pit falls and has an understanding of the situation it is Jean Claude Juncker.
In Juncker’s early days he was on the board of governors of the World Bank for Luxembourg, and served as Luxembourg’s finance minister. He was handpicked by former PM Jacques Santer to replace him. Santer went onto to become the EU Commission President who launched the euro and until his Commission was sacked for corruption. He went onto serve as an MEP for the next five years and he leads a member section of the Union of European Federalists. Jacques Santer and Jean Claude Juncker are out of the same club. These men are brilliant and underestimated by the US financiers and they are EU federalists who share the same aims and they promote each other much like our Republican and Democratic Party members endorse each other. More importantly if anyone understands the euro its strengths and pit falls and has an understanding of the situation it is Jean Claude Juncker.
Finally Greek Finance Minister Yanis Varoufakisstated that Greece pledged to meet all of its obligations. Even more telling Varoufakis libertarian Marxistis also a federalist. European politics is not governed by left and right as it is in the United States, but rather federalist and nationalist. The federalists are the liberals and the nationalists are the conservatives. Varoufakis stated:
“I believe we have to put an end to the divided eurozone and aim towards greater consolidation. We must change this process of pitting one nation against another, and renew the momentum of integration and unification,” the new minister said. He added that he would not be there talking about the Greek crisis if the EU had been federalised.
According to Euractiv, which published the above statement in their article, “Varoufakis Steals the Show at Economic Forum:”
Yanis Varoufakis blames the EU’s incomplete federal integration on the fact that its founding fathers, including the pillars of European politics François Mitterrand and Helmut Kohl, did not believe in their power to create a United States of Europe. They established an economic and monetary union in the hope that cooperation between the states would get closer over time, and they thought the political union would come about naturally in a time of crisis.
This means that Varoufakis is committed to the same aims as the Federalists despite Syriza’s EU skepticism and earlier proclamations of not cooperating with the troika. What this means is that he is committed to the euro because the success of the euro is a key component of the European Project. European federalists are committed to ensuring its success.
One has to think of European federalists as building a United States of Europe and the Nationalists as pulling the building apart. In finance charts are used to help determine the movement of a stock. The premise is that that future behavior is based on past behavior. If we were to place the EU on a chart we would see its steady movement forward into a United States of Europe. Yes, there are spikes upward and some downward, but never below the base line of upward forward movement. For some reason the media’s favorite headline is how the EU or euro will disband. People really believe the EU is fragmented when currently it is a giant that is not punching up to its weight.
In conclusion, when examining the forecasts in Bible Prophecy and the geopolitical support for Greece staying in the euro, adding both together, I can tell you that Greece will not exit the euro.
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