Greece Opens Europe’s Fault Lines

The Syriza Party claimed victory in Greece’s national elections at the end of January. The radical left party was elected on a platform calling for the end of austerity measures. This victory is forcing the European Union to rethink its structure.

Syriza’s leader Alexis Tsipras is now Greece’s prime minister. Tsipras and Finance Minister Yanis Varoufakis say they want Greece to stay in the EU, but want to renegotiate the country’s debt.

Varoufakis assured the EU on Monday that Greece wants to pay back the money it owes, but with new terms and negotiating partners. The finance minister does not want to discuss the issues with technocrats from the so-called “troika” of creditors. That troika is made up of the International Monetary Fund, the EU and the European Central Bank. The troika has imposed tough economic policies on Greece since 2010.

German Chancellor Angela Merkel sees no need to remove the troika from its role. Germany has a dominant role within the troika.

Varoufakis wants to negotiate with individual European nations. He received some support from French Finance Minister Michel Sapin after meeting with him on Sunday. Although France will not support Greece canceling its debt, Sapin did offer France’s support for new terms on the Greek debt.

It is not surprising that France supports Greece’s efforts. France also faces debt problems and does not like Germany’s austerity policies.

These opposing views highlight why this financial crisis is significant. The crisis strikes at the heart of the EU. This union between European nations was forged with a promise of prosperity. The financial crisis reveals that promise to be hollow, forcing European nations to rethink the EU’s structure.

Based on Bible prophecy, the Trumpet forecasts that a unified European superpower will arise out of this crisis. To learn more, read Gerald Flurry’s article “Did the Holy Roman Empire Plan the Greek Crisis?”