The ECB (European Central Bank) and Germany are scrambling now to figure out the possible outcomes and options from a new structured debt deal to a complete Greek default. The Greek debt crisis is not an issue of Greece, but a European issue. Since the 2008 financial collapse, Europe has witnessed one “sick man of Europe” after the other. The PIIGS (Portugal, Ireland, Italy, Greece, Spain) nations have been causing wide scale challenges to Europe including testing the people. The European Union is merely an economic force, not a unification force that can have a strong bond amongst various people of the different European nations. “It (European Union) is a loose union, a matter that weakens much its strength. However, this is the nature of any union, where it lacks the force that exists in the unity.” [Hizb ut-Tahrir Political Concept].
When Greece was receiving financial bailout, the German people were furious as why their hard earned money were bailing out Greeks! This sentiment echoed throughout Europe, and brought a foreseeing challenge to the EU. The Greek debt crisis is testing many aspects of the Union, but most importantly it is testing the “Idea” that is suppose to bond all these various nations in a union. The only bond that was stitching this mess was based on self-interest. The Greeks were working with America’s “favorite” company Goldman Sachs to cook their books (budget) in order to trick the bond market, German lust for export and trade deals allowed a climate for disaster which they were fully aware of the consequences of what was going to happen to many nations in Europe. Self Interest at it’s best!
On the contrary Islam is linked with the ideological bond based on the Aqeedah. Our bond is built upon the commands of our creator Allah SWT. The intellectual leadership of Islam governed the Muslim and the ideological bond stitched the Muslims from east to west. During the time of Umar bin Khattab (RA) the Arabian Peninsula suffered from severe drought. Umar brought food grain from Egypt, Syria, and other areas to help the people affected by the famine. Were the Muslims of Egypt complaining why their grain was going to help their brothers in Mecca? The answer is No! La Ilaha Illallah was in the hearts and minds of the Muslim, and they had the Khilafah as their leader.
“The believers are nothing else than brothers. So make reconciliation between your brothers, and fear Allah, that you may receive mercy.” [Al-Hujjurat, 49:10]
The Prophet SAW also said “The Believers, in their mutual love, mercy and compassion, are like one body: if one organ complained, the rest of the body develops a fever.” [Bukhari & Muslim]
The situation in Europe will continue to get worse and we must analyze the ills of these problems as well as the solutions for these problems. Capitalism has created financial crisis one after the other and the result is that the people suffer while the big banks that help create the problems get bailed out.
