After all the talks and proposals there is still no resolution of the Greek Debt Crisis. Banks in Greece are running out of money because there are no more loans available from the European Central Bank and International Monetary Fund and ordinary people have withdrawn billions of euros from their accounts. The crisis is hitting all sections of Greek society. Unemployment is at 25%, pensions will be capped and an increase in VAT is unavoidable. This week the banks are closed and people are only allowed to draw a maximum of €60 per day from cash machines.
Massive national debts are a feature of our world today. The UK government debt is £1.56 trillion, which is 81% of our annual Gross Domestic Product. The annual interest payments alone are £43 billion. The reason we are not in the same situation as Greece is that our government is able to raise the money it needs to finance its debt because institutions and people believe we are able to make the repayments and so we also pay lower interest rates. It’s when you can’t pay your debts that the problem gets out of hand, as it has in Greece.
Personal debt is also an overwhelming burden for many ordinary people. One of the early credit cards encouraged people to take their credit because it “takes the waiting out of wanting.” People are encouraged to take the money now and pay later, often at high interest rates. Payday loan companies charge extortionate interest rates. It’s easy to get a small loan, but it’s very costly indeed to repay it.
The Bible reminds us of another kind of debt, which is even more serious, but to which we may give little thought. Each day of our lives our debt to God accumulates as we commit sins by breaking his commands. The debt we owe to him is overwhelming. The amazing message of the Gospel is that Jesus came from heaven in order to pay our debt by his death on the Cross. Each of us can come to God and ask him to forgive the debt we owe him.
The Welsh preacher, John Elias, wrote a hymn expressing his amazement at the wonderful kindness and love of God in Jesus. “And was it for my sin that Jesus suffered so, when moved by His all-powerful love he came to earth below? Thy holy law fulfilled, atonement now is made, and our great debt, too great for us, He now has fully paid.”