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Published on 03 May, 2010

Greece fights for survival

Greece (MNN) — Greece is fighting for survival. The country's public deficit has risen to an
estimated 13.6 percent of gross domestic product. Short on cash and with few prospects of
surviving without it, the government is racing to beat a May 19 deadline to
secure funding that avoids a default.

Tasos Ioannidis with
AMG International explains, "Greece
has been living beyond its means for a long time, so the government debt has
reached unsustainable levels." 

There are concerns that Greece's crisis could have a domino
effect on the countries attached to the Euro. As a result, the European Union and the International Monetary Fund
offered a bailout of 120 billion Euros over the next three years…with
strings attached.  

The bottom line: cut back or there will be no bailout. Ioannidis
says, "The government, in
order to reduce the deficit, has had to put a lot of measures in place,
including additional taxation, cutting spending in the public sector, reducing
pensions."

Austere measures are in place to meet lender demands of 25
billion euro spending cuts in the next two years on top of sacrifices already
made. The cuts are painful, and hundreds demonstrated their displeasure last
Thursday with a march on the finance ministry. Newspapers are reporting a
general strike is likely on May 5.

The uncertainty has interfered with AMG's ministry.
"The people have less cash to spend because most of it now is going to
their basic needs; there is less money available for ministry at the local
level."

There are a couple of ways to pray for the ministry of AMG
in Greece. Ioannidis says, "First,
pray that the Lord would enable our co-workers to have wisdom in knowing how to
minister to the people who are hurting, and then pray for the Lord to provide
resources."

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