Greece voted against EU offer, but now hopes Europeans will loan more money

Greek Riots (2008)

The voters in Greece turned down an offer to help their economy, but still hope for assistance:

July 6, 2015

Greek Finance Minister Yanis Varoufakis resigned Monday, a day after Greek voters overwhelmingly rejected a demand by the country’s lenders to impose more austerity measures on the country in exchange for new bailout loans for the government in Athens.

His resignation was a surprise because Varoufakis had said he would only resign if his countrymen voted in favor of accepting the austerity demands.

However, Varoufakis said Monday he was “made aware of a certain preference” by some eurozone members for his “absence” from meetings of finance ministers. He said his withdrawal from such meetings was “an idea the prime minister judged to be potentially helpful to him in reaching an agreement” with Greece’s creditors.

Varoufakis has often clashed with the creditors in the past few months. And a few days ago, he accused the European Union of “terrorism” by trying to scare the Greeks into voting the EU’s way.

Varoufakis said Sunday the “no” vote was a “holy moment” and “a moment of hope for the whole of Europe.”

Results showed 61 percent of voters rebuffed warnings from European leaders that ignoring their calls for more austerity could force the country from the 19-nation euro currency bloc.

Difficulties ahead

Jeroen Dijsselbloem, head of the eurozone finance ministers, said “difficult measures and reforms are inevitable” for the recovery of the Greek economy.

One voter predicted there would be no good outcome from the referendum, saying, “This referendum should not have happened. There is no dilemma. It is just as bad for us either way.”

But those in the “yes” camp said Greece has no choice but a European future. Being forced out of the eurozone means Greece would have to go back to using its old currency, the drachma, money that some outside Greece could refuse to accept.

The week leading up to Sunday’s referendum was miserable for most Greeks. http://www.voanews.com/content/greece-rejects-europe-bailout-terms/2850242.html

July 06. 2015

ATHENS, Greece — Greece and its membership in Europe’s joint currency faced an uncertain future Monday, with the country under pressure to reach a bailout deal with creditors as soon as possible after Greeks resoundingly rejected the notion of more austerity in exchange for aid.

With Greek banks running out of cash and facing the danger of collapse within days without new aid, the government in Athens is racing against the clock.

In an effort to facilitate negotiations on a new aid program, Finance Minister Yanis Varoufakis, who had clashed with European officials in the bailout talks, announced his resignation Monday.

But Greece and its creditors, who will meet again Tuesday to discuss how to keep the country in the euro, remain far apart on key issues, particularly the notion of debt relief.

The negotiations are complicated for the European creditors by Prime Minister Alexis Tsipras’ triumph in Sunday’s referendum. …

But everything hinges on European reaction. A eurozone summit was hastily called for Tuesday afternoon to discuss the situation.

European officials appear to be split on a key demand by Greece to have the burden of its bailout loans be made more manageable.

France’s finance minister, Michel Sapin, indicated that discussing Greece’s debt is not taboo, saying the country could not recover with its current obligations “in the months and years to come.”

Sapin also called for the ECB to maintain liquidity assistance to Greek banks.

Germany, however, remains reluctant to discuss debt forgiveness.

Finance Ministry spokesman Martin Jaeger said Germany’s “position is well-known … a debt cut is not an issue for us.”

More broadly, Chancellor Angela Merkel’s spokesman said talks on a new bailout program for Greece would depend on what proposals Athens makes.

Steffen Seibert said Germany respects the “clear ‘no’ vote” by Greeks against austerity measures.”

However, he added that “in view of Greek citizens’ decision yesterday, the conditions are not there at present to enter negotiations on a new program.” He said the “no” vote is a vote against the principle — still supported by Germany — that solidarity requires countries to make their own reform efforts. http://www.nytimes.com/aponline/2015/07/06/world/europe/ap-eu-greece-bailout.html?_r=0

The EU wants to help Greece, Greece wants the help, but the Germans feel that they have been maligned and disrespected. Yesterday’s vote does not set well with the Germans. Since the Germans are the source of much of the money, they have more influence than the nations in Europe who immediately want the Germans to give the Greeks more money.

The European Union wants Greece to be part of the Eurozone. It does not want Greece to possibly turn to Russia for financial assistance. This situation is tough for the Germans and the Greeks. The Germans feel that they have lent Greece money in good faith and that they are not being paid back as agreed, while the Greeks feel that they have sacrificed enough.

I believe that the European powers want Greece to feel more pain for a while so that they will have more influence over Greece. Given enough pain, look for civil unrest and even violent riots in Greece. If Greece feels trapped, look for more discussions with Russia.

Look for more calls for financial controls and possible currency changes.

If any think that the problems in Greece were resolved by yesterday’s vote, they are in error. The Greek vote seems to have been a matter of national pride–not a solution. It did not produce wealth. It did not produce money to pay down debt nor move the Greek economy forward. Greeks may be celebrating the vote, but that celebration may prove hollow. The Greeks do not seem to realize that the Europeans/Germans have been subsidizing their nation for some time and that lack of subsidy will hurt (of course, Americans do not realize how much they have been subsidized and big problems will hit the USA because of it per Habakkuk 2:6-8). Pride and a haughty spirit can precede a fall (Proverbs 16:18).

There will be difficulties in Greece. Even the Greek Prime Minister and its now former Finance Minister realize that Greece has problems and needs to deal with the Europeans/Germans. Some humility will be needed and some in the Greek government have at least hinted that–whether it will be enough soon enough we will see. Problems are very likely.

Yet, ultimately, Greece will end up as a nation that will support the final King of the North European Beast power.

The Bible is clear that the final European Beast power will be a mixture of of weak and strong parties that do not adhere particularly well together per Daniel 2:41-43. We will see how the crisis with Greece will turn out, but the end result will be that the Beast power will arise and surprise many (Revelation 13:1-4).

Some items of possibly related interest may include:

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