Eurozone Ministers have agreed to give Greece a bridging loan from an European Union fund to keep it's finances afloat until a bailout is approved. The European Central Bank has agreed to increase emergency funding to Greece for the first time since it was frozen in June. These decisions were made after Greek members of the Parliament passed tough reforms as part of a Eurozone bailout.
Dr Rob Congdon explains why a Greek bailout could be a global problem.
ROB CONGDON: "I think that's the key, the Greek debt is heavy, they need a lot of money. But when we start comparing with the rest of the world we start seeing that Greece is almost like a preview of what we could be seeing.
Greece owes 3 1/2 times the amount of money they can produce in a year. The United States owes 3.7 times what it can produce in a year; therefore we are in deeper debt, if you will, then Greece is. Britain 5 1/2 times their annual production is what it would take to pay their current debt for a year, so it's in bad shape. Ireland is an EU country which will be standing in the wings shortly saying we need money. They are in debt 10 times what they can produce in a year.
So what we have is a whole series of nations that have overextended themselves and are deep in debt. In Europe it isn't the same as in the US because Europe up until now has not been able to print more bills, cash, to pay the debts or to give people more money, so what you have is a spiral that is moving and actions are going to have to be taken very soon to start correcting this trend that is really a global trend."
Dr Rob Congdon with that report for us here on Prophecy Today. I report this information because it is setting the stage for Bible prophecy to be fulfilled.
Jimmy's Prophetic Prospective on the News
The Greek economic crisis will have an impact on Europe and the entire world prophetically.
Greece is part of the Eurozone. Members of the European Union who have joined together with a common currency called the Euro. A fall of the Eurozone could destroy the European Union which is the infrastructure for the Revived Roman Empire that is called for in Daniel 7:7-24.
In addition to that, global economics has a major role in the future. Revelation 18 calls for an economic, political, governmental system that will rule the world from the city of Babylon in the coming Tribulation period. The domino effect because of the Greek economic crisis could be setting the stage for Bible prophecy to be fulfilled.