Sentinel Watch September 3, 2012 Issue

The prophet vision and the European debt crisis

Elizabeth Mata

JOSE DE DIOS MATA

The European Union’s decision to pull Italy and Spain back from the brink of financial disaster, Germany’s relaxing of an austerity-only approach to the eurozone’s problems, and the European Central Bank’s commitment to the euro are glimmers of light breaking through the dark cloud of Europe’s debt crisis, although much uncertainty remains. 

The Spanish government has also launched new austerity measures that include curtailing civil servants’ bonuses, reducing unemployment benefits, and cutting back on coal subsidies. None of these measures has been popular, but an EU ultimatum requires Spain to shave 65 billion euros from the state budget within two and a half years in exchange for receiving funds for its struggling banks. Investors fear that bailing out Spain will drain crisis resources and impact Italy.

Here in Spain many are deeply concerned. The Bible verse “Where there is no vision, the people perish” (Proverbs 29:18) moves my heart to pray for greater vision: a vision of the sovereign power of the one Creator, God, who has created man—all of us—in His image and likeness, possessing infinite goodness and progress; vision to discern more confidently that because this crisis is not the creation of our caring Father-Mother, God, it has no authority or staying power.