Have you been keeping up with the Greek tragedy? Unfortunately, this one is not taking place in a theater and its actors won’t walk off the stage laughing. For the past two years, the country of Greece has been struggling with enormous debt. Greek government debt is currently at 164% of their Gross National Product.
The recently bally-hooed bailout from the European Central Bank may help. It probably will not. As a side note, the agreement to give Greece another bailout means private bondholders will take losses by as much as 70% in net value. In order to receive the $171 billion in bailout, Europe is forcing Greece to make drastic cuts in domestic spending. John Taylor, of the Hoover Institute, writing in the Wall Street Journal (February 22, 2012; pg A15) states the obvious. Greece’s problems result from “failure to adhere to basic principles of good economic policy.”
So what you have in this vacuum of self-control is Greece’s loss of self-government. The two major parties in Greece have had to agree to keep the current policies even after elections in April. Greek voters may have a different say in the matter. But if they continue on their current path, Greece may be kicked out of the Euro zone. Other negative results will invariably follow.
A government that lacks self-control is only indicative of a people who lack self-control. One thing Mr. Taylor recommends to Greece? More reliance on the rule of law. No kidding. The wise man wrote: “A man without self-control is like a city broken into and left without walls” (Proverbs 25:28). Self-control is one aspect of the fruit of the Spirit (Galatians 5:23). We are to grow in our self-control (2 Peter 1:6).
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The tragedy unfolding in Greece should simply be a reminder to all of us of the importance of self-control. In all areas of life. If we don’t control ourselves, someone else will.
“The borrower is slave to the lender” – God said that a long time ago (Proverbs 22:7).
–Paul Holland
