It’s hard to focus on Greece passing into financial ruin when your own nation is barreling into the jaws of the same beast.

But watch Greece we must.

Earlier this year, Trumpet editor in chief Gerald Flurry wrote about Europe’s ongoing financial crisis in what he said was “one of the most important messages on world events I have ever written.” We need to fix our eyes on Europe, he stated, because “what is happening in Europe is not merely a game-changer—it’s a world changer!”

That’s a pretty dramatic statement—but one that is being vindicated with each passing week. Especially this week.

On Monday, Standard & Poor’s yet again slashed Greece’s credit rating by three notches. The rating is just four steps from default, indicating the growing perception that Athens is likely to experience defaults over the next 12 months. Across the world, stock markets plunged on fears that Greece was coming undone. Bankers and global investors fled Greek bonds, driving Greek bond yields above 18 percent for the first time since the launch of the euro, making it tougher for Athens to raise money.

As confidence in Europe’s ability to salvage Greece tanked, pundits waxed eloquent. Nouriel Roubini, a finance guru with intimate knowledge of Europe’s predicament, warned that if things continue, “the euro will move towards disorderly debt workouts, and eventually a break-up of the monetary union itself, as some of the weaker members crash out” (emphasis added). The crisis is evolving, he explained, and “scenarios that are treated as inconceivable today may not be so far-fetched five years from now.”

Or five months from now!

On Tuesday, Harvard historian Niall Ferguson stated in an interview with Bloomberg that it is now “100 percent certain that Greece will default” on its debt. The same day, Christian Noyer, governor of the Bank of France, warned that should Greece default on its debt, the eurozone would end up having to finance all of Greece’s economy.

As Greece’s situation deteriorated, the European Central Bank warned that Europe’s “most pressing concern” was that the contagion could spread to the rest of the eurozone.

Meanwhile, in Athens yesterday Greek lawmakers gathered to discuss further austerity measures, including wage cuts, tax hikes and the continued liquidation of state assets. While the politicians conversed inside, more than 20,000 angry Greeks protested outside. The scene was ominous, and raised an obvious question. If Greeks are this upset by the mere talk of austerity, how will they respond when those measures begin to be implemented?

As the sun set yesterday, and as the clashes grew increasingly violent, the Greek government found itself on the brink of collapse. Unable to find a consensus with counterpart political parties on austerity, and with the risk of defections growing, Prime Minister George Papandreou went on television and promised to dissolve his government and forge a new coalition.

For outsiders looking in, Greece and Europe’s financial tumult has been going on so long it’s easy to consider this the new normal. The tendency is to glance at the daily slew of stories about the strikes and protests, the bailouts and austerity, the discord and infighting, and toss it aside as “Europe’s problem.”

This is a mistake.

This crisis is transforming Europe!

Into what? Outwardly, Europe looks like a financial and political basket case, the dream of European integration a grand flop. Scratch deeper, though, and you’ll see that the financial and political tumult is invoking some important questions and intense debate about the Continent’s future. In many circles, the crisis is intensifying the yearning for integration, and provoking leaders and governments to make greater sacrifices for European unity.

Financial Times columnist Wolfgang Munchau wrote this week that the European Union and the International Monetary Fund will eventually settle on rescue schemes for Greece, Ireland and Portugal, and when they do these will “favor a closer political union in the long run—with a European treasury secretary, a centralized banking resolution policy and a eurozone bond.”

Some are beginning to see it. Behind the scenes of anarchy and failure, the financial crisis is forging unification!

This is precisely what we were told earlier this year. “Watch closely,” Mr. Flurry wrote. “Germany will use this crisis to force Europe to unite more tightly. In the process, some eurozone countries will be forced out of the union. When that happens, the pundits will say European unification is dead, that the European Union has failed. Don’t listen to them! Every country that leaves the EU puts us one step closer to seeing the German-led 10-nation European superstate!”

Believe it or not, Europe right now is experiencing its most transformative moment since World War ii!

In closing, consider one last statement from Mr. Flurry’s article: “Revelation 17 shows that Europe is going to emerge from this crisis with more power, not less! It will be more stable, more streamlined, more influential, and more terrifying than anything any human has ever seen!”

This is why we must keep a watchful eye on Europe!