Why the Greek Drama Will Soon Become a Tragedy

greece2While most of the world, including most of the Christian world, continues in their deep sleep, all indicators are warning of big trouble ahead. No worries though because the NBA playoffs are on all night, every night. Oh yeah, baseball season is back too! It’s all good man!

And whatever you do, don’t mention anything about trouble coming because nobody wants to hear that. You must be nuts to believe that stuff!

This is an equal opportunity warning with plenty to go around for everyone. For those who despise prophecy, as so many Christians seem to, we got you covered. Just read the first half of this post, which focuses on events that have already happened. You can then skip the grumpy little prophetic warnings that appear in the second half. Either way, I think we all reach the same conclusions.

This drama begins with Greece and ends with a tragedy, but unfortunately not the good kind of tragedy like the ones we read in high school. This one ends with our banks holding onto our money. However, those who see it coming can avoid much of the trouble by taking actions to prepare. For others it will be too late.

The whole world is now focused on the financial solvency of Greece and the threat of a Greek exit from the European Union. Although it is one of the smallest nations in Europe, Greece has become a big problem, not only for Europe, but also for the rest of the world because they are in danger of defaulting on their enormous debt of 320 billion euros. The chances of ever repaying it are zero because their government is broke, even struggling to make payments to their own employee pension plans.

At least the Greeks have not lost their sense of humor. They recently released a public statement demanding repayment from the Germans for damages inflicted during World War 2. They estimated the amount due comes to about 278 billion euros. The Germans were not amused.

The only reason Greece has not already defaulted is because their creditors, the European Central Bank (ECB) and the International Monetary Fund (IMF), have loaned them the money to make their payments. This game, which Greek Prime Minister Alexis Tsipras calls “extend and pretend”, has worked for a while, but the more fiscally responsible northern European nations, especially Germany, are getting tired of sending their hard earned money to Greece with no chance of ever getting paid back. Meanwhile, the Greeks have also grown weary of the austerity measures imposed on them. In desperation the Greeks elected the radical communist Syriza party in January 2015, a party that had previously struggled to get even 5% of the vote.

The election of Syriza was a big turning point in these events because under their leadership Greece is no longer even pretending to comply with the required austerity measures. In fact, Syriza’s campaign promise was to put an end to these measures and write off the debt, neither of which they have the authority to do. It appears the Greeks have checked out of the real world and entered their own pretend world where the borrowers make the rules rather than the lenders. In the real world, Syriza has no chance of delivering what they promised and is sure to be another disappointment for the Greeks.

The situation in Greece is quickly coming to a head because their economy is totally dependent on continued loans and financial assistance from the ECB and IMF, but Syriza’s lack of cooperation has put that support in jeopardy. Back in February their creditors reluctantly agreed to renew their financial rescue package with a four-month extension, but that package expires June 30 2015, just seven weeks from now. After that, Greece loses their access to all bailout funds. From then on, to get any money from the euro zone, Greece would have to negotiate a new bailout agreement.

To do that, Greece must commit to comply with the original austerity measures, but that is the very thing their new leaders have vowed never to do. So far neither side has shown any sign of compromise and time is quickly running out. Without continued assistance, Greek banks would soon assume the dead cockroach position. The Greek government would be forced to put their old currency, the drachma, back into circulation. The Greek people would then enter a time of severe economic trouble that would have them remembering these past few years as the good old days. Their exit from the European Union could happen very fast.

It now appears Greece might not even make it to the end of June without defaulting. Their dire financial condition was exposed to the world last week when they were temporarily unable to pay salaries and pensions due at the end of April. The shortfall was despite the government’s extreme measures to come up with the funds, even issuing a decree mandating the transfer of excess cash reserves from municipalities to the central bank. On April 22 the Greek government announced their fund raising plan would generate enough revenue to not only cover April, but also May. However, just one week later it became evident to everyone their plan had failed miserably. Local officials refused to cooperate, which left the government short by hundreds of millions of euros. Ultimately they were able to come up with the missing funds on the actual due date, resulting in a short delay in payments to some employees.

The April shortfall now has everyone wondering what will happen in May. If they are struggling to cover salaries and pensions, how will they make their loan payments to the IMF and ECB? How will they afford to roll over their maturing Treasury bills?

As shown in the list below, they have very large payments due over the next few months. Even if they somehow survive May and June, the payments get much bigger in July and August because of maturing bonds due to the ECB. Here is a list of their upcoming payments due in May- August 2015:

  • May 6 – 250 million euros due to the IMF
  • May 8 – Roll over 1.4 billion euros of maturing 6-month Treasury bills
  • May 12 – 763 million euros due to the IMF
  • May 15 – Roll over 1.4 billion euros of maturing 3-month Treasury bills
  • May 29 – 2.5 billion euros due in salaries and pensions
  • June 5 – 305 million euros due to the IMF
  • June 12 – 344 million euros due to the IMF
  • June 12 – Roll over 3.6 billion euros of maturing Treasury bills
  • June 16 – 573 million euros due to the IMF
  • June 19 – 344 million euros due to the IMF
  • June 19 – Roll over 1.6 billion euros of maturing 3-month Treasury bills
  • June 30 – Deadline for negotiating new financial assistance package
  • June 30 – Estimated 1.7 to 2.5 billion euros due in salaries and pensions
  • July 10 – Roll over 2.0 billion euros of maturing 3-month Treasury bills
  • July 13 – 458 million euros due to the IMF
  • July 20 – 3.5 billion euros due to ECB for maturing bonds
  • July 31 – Estimated 1.7 to 2.5 billion euros due in salaries and pensions
  • August 1 – 180 million euros interest payment due to IMF
  • August 7 – Roll over 1.0 billion euros of maturing 6-month Treasury bills
  • August 20 – 3.2 billion euros due to ECB for maturing SMP bonds
  • August 31 – Estimated 1.7 to 2.5 billion euros due in salaries and pensions

With so many large payments coming due it appears Greece has no way to avoid default. So the topic of discussion has now shifted from “if” Greece will default to “when” Greece will default.

To make matters worse, Greece’s current bailout package was supposed to include a loan in the amount of 7.2 billion euros, which Greece desperately needs. That was supposed to be a done deal, but the IMF is now blocking the release of the funds and demanding Greece must first comply with the terms of the loans, which would require them to implement reforms that Syriza has flatly rejected. The IMF is also demanding Greece’s European creditors write-off significant amounts of their Greek sovereign debt. However, these creditors have adamantly opposed any debt relief. Something has to give soon.

There is a very real possibility Greece could default as early as May 12, which is when their next payment of 763 million euros is due to the IMF. Greek officials have expressed hopes of negotiating a deal with the IMF at a meeting scheduled for May 11. However, the Germans have expressed skepticism about the prospects for any deal.

A German newspaper quoted Germany’s finance minister, Wolfgang Schauble, yesterday as saying, “I’m somewhat skeptical whether that’ll be possible by Monday. But I’m not ruling it out.”

A leading German business newspaper called Handelsblatt recently reported how unlikely it is that Greece makes it through May without a default:

Even if Greece reaches a deal with its lenders, it won’t get access to the bailout funds quickly, meaning it will be reliant on ECB support to avoid default.

Even if an agreement is reached, it would take weeks for the next aid tranche to be paid,  according to people close to the government.

It’s “completely absurd” to think money will be transferred by then (by May 12), as “prior actions” by Greece would be required, approved by Greek parliament, even in the event of a deal.

Whether they default in May or limp along a little longer, Greece is clearly on an unsustainable path. It is only a matter of time before their creditors throw in the towel and stop pretending Greece can avoid default. Their 320 billion euro debt will then have to be written off as a catastrophic loss that will send shockwaves through the European financial system. The losses from one bank will force defaults on loans to other banks, which spreads like falling dominoes. The whole European Union is coming apart at the seams, which means the death of the euro is coming soon.

The combined total GDP of all European nations is even larger than the United States, making the European Union the world’s largest economy. So we are kidding ourselves to think an event of this magnitude would not have a major impact on the rest of the world, including the United States. However, you can count on our mainstream news media to make that claim and broadcast it round the clock. We’re going to be just fine! Now go back to sleep!

Terry Bennett’s Prophetic Warnings:

Warnings coming from the prophetic realm appear to fit perfectly with what has already happened in the natural realm. Terry Bennett saw the following news headlines being fulfilled by approximately June 15 2015.

Germany and France Forge Alliance

German and French Currency Unveiled; Others Consider Participation

Greece, Italy, Spain Join German and French Alliance of Economies (Editor’s Note: This will be called the AOE)

Slow Down, Melt Down, Crack Down, Show Down: Banks Holding on to Your Money!

A lot has to happen for these prophetic headlines to be fulfilled within the next six weeks, although Terry stated the date is approximate so perhaps it will take a little longer. In any case, these things are coming soon.

Nita Johnson’s Prophetic Warnings:

Nita Johnson, founder of World for Jesus Ministries, had two prophetic dreams in which she saw the coming events. Regarding her first dream she stated:

I can’t remember anything about the dream. Everything in the dream was taken away from me except one thing, a man saying to me, “The Obama freeze is coming.”

One of the things you have to consider is that when the economy falls they are going to do something to keep from having a national rush on the banks. They are going to freeze the funds.

In her second dream she heard the Lord speaking to her through President Obama. I suppose if he can speak through a donkey he can speak through anyone. She was shown the big picture on what the elites are trying to do with the coming financial meltdown.

The whole reason this cannot be stopped is because they want to reorganize Europe. The only way they can do it is going to cause suffering throughout the world. He was talking about the elite. It is also going to terribly affect America. It has to. This thing cannot be stopped because it must happen.

This has to happen. The elite want to restructure or reorganize Europe and they want to bring in their own currency, a different currency from what we are using now. America’s currency is really based on oil. They want to bring in a gold-backed currency. We now function off of fiat currency. It will be a world currency as well. So it has to happen. That means we are going to go through 1930 all over again. It is not going to be easy, but it will be as hard as it will be based on our preparedness.

When this crash comes, I saw homes that were worth millions. Depending on where the house was located it might be worth 1 million, 2 million, 3 million, but they were beautiful homes, beautifully decorated, beautifully appointed, very well-built. They were beautiful homes. They were selling on the market for $200,000. That is a drop. This was what the crash brought us to. That is a huge cut and a huge deterioration of our economy.

David Wilkerson’s Prophetic Warnings:

David Wilkerson received the following prophetic revelation back in 1994. He saw a crisis coming to the world banking system that would redefine banking forever. Although he received this warning 21 years ago, it appears the time for its fulfillment is coming soon.

It’s about to happen very soon, one nation, and I’m speaking prophetically, if I’ve ever heard anything from God in my life, I heard it. Very soon a European or North African or Eastern nation is going to default on its international loan and when that happens, within two weeks, Mexico is going to default. Mexico owes $100 billion, 80% of it to American banks, and here’s what is going to happen: about two weeks after the first country goes bankrupt, (we’re going to survive that, because most of that is owed to European banks, German, Swiss and French banks) but a second country is going to go down, probably Argentina or Brazil, and we’ll kind of live that down and say: “Well, maybe it’s not going to hurt,” but two weeks after the first country goes down, Mexico’s going to default on $100 billion.

And when the banks open (in the U.S.) the next day at 9 in the morning, $15 billion an hour is going to be withdrawn from our American banks. They’re going to be running our banks, the Arabs and all the Latin American countries, they’re going to be running our banks, and before the day is over, the USA is going to have to declare a “bank holiday.”

And we’re going into six months of the worst hell America has ever seen. There’s going to be chaos. Not even the National Guard’s going to be able to quiet it down. We’re going to have to call out the whole U.S. Army.

Now I’ve had visions recently, for I’ve been in New York City and I was in Macy’s in a vision, and I saw people walking around stunned because they couldn’t get their money out of the bank.

Now I’m going to give you a word of advice, the first country goes bankrupt, I’ve documented this and I’ve got it sealed in an envelope, and I’m going to call all my friends and I’m telling you, this is the first time I’ve said it in a public meeting like this, but the first country that bellies up, you go get every dime you have. Church get your money out of the bank because there’s going to be a bank holiday and you won’t be able to get a dime for six months. Now, of course, there’s going to be restored, but the nation will never be like it is again.

There’s going to be fear like we’ve never known, judgment at the door. When I was at Macy’s Department store in a vision and I watched people walking around stunned, they didn’t know what to do, they didn’t know what was happening. Then a bunch of people walked into Macy’s and suddenly went wild and began to steal, and within an hour everybody, I saw the spirit of everybody in the store, they were robbing and stealing, they raped Macy’s and destroyed five floors. Macy’s was raped and ruined in a period of an hour or two.

That’s just the beginning. Folks it’s all in this book (the Bible). We’ve been warned and warned and warned. You can’t tell me God hasn’t warned us. You can’t tell me God isn’t saying something awesome here tonight in this church. We better get our prayer life straightened up, our lives straightened up, get rid of the idols, as Paul writes, and seeking the face of God in holiness or you’re not going to be ready for what’s coming. God’s warning! Get ready and you’ll not fear these things that come onto you and you’ll start rejoicing. You’ll not be afraid because your hands will be clean. You’ve been praying and God’s building a wall of fire around you to keep you.”

No country has every defaulted on a loan payment to the IMF so we know the events David Wilkerson saw have not happened yet. Greece would be the first developed nation to ever default on its international obligations. However, the situation in Greece fits his description and could be the first country to default. If he heard correctly, we will then have two weeks from that event to get our money out of the banks. After that a banking holiday will shut down the banks temporarily.

Although David Wilkerson did not mention anything about capital controls, it seems likely they would be implemented after the banks reopen to prevent further bank runs. That means the amount of cash that can be withdrawn from banks will be limited to a small amount per day. Banking hours could also be limited to only a few hours per week.

When Does a Default Really Occur?

One important point to consider is the actual date of a Greek default. Missing a payment due to the IMF does not technically put them into default because, according to IMF protocol, Greece would be afforded a 30-day grace period, during which it would be urged to pay back the money as soon as possible, and before Ms Lagarde notifies her executive board of the late payment.

Following the 30-day grace period, a technical default could still not be declared until a month later, when “a complaint regarding the member’s overdue obligations is issued by the Managing Director to the Executive Board”. So technically Greece would not be in default until 60 days after missing a payment.

So when David Wilkerson saw and a bank holiday declared in the U.S. two weeks after the first country goes into default it is not clear whether the two-week clock starts ticking immediately after a missed payment or after a technical default is declared. We might not find out until we get there.

The Sequence of Events

All of these warnings point to a major banking crisis coming soon. The impact will be global, but banks in the United States and Europe appear to be in the greatest danger.

I believe Terry Bennett, Nita Johnson, and David Wilkerson all saw the same event with banks holding onto our money, which is exactly what they have been authorized to do under new laws and regulations. Our government leaders have betrayed us to take care of the banks first, and of course themselves.

I believe these are the same events I saw in the dream I shared in this post: Warning: Sudden Economic Collapse Coming in 2015. Then on March 1 2015 I posted another dream describing an event that would happen before the crash. That post is called The Event Before the Event. The first part of the event has already happened, which I shared in my recent post: House Armed Services Committee Approves $200 Million in Lethal Military Aid for Ukraine. I saw this bill would be sent to President Obama and he would then increase the amount for Ukraine by six times to $1.2 billion. That event would cause increased tensions throughout the world and would also be a sign to let us know we are very close to the crash.

The collapse I saw coming will also cause the stock market to crash and the dollar to suddenly lose much of its value. The impact on our financial system was also revealed to me when I saw an inverse ETF called FAZ skyrocketing. FAZ only goes up when the financial sector goes down, so that sector will be hit hard and will drop fast. However, soon after the crash it will be time to take profits on FAZ and convert them to real assets.

I believe the trouble coming in the U.S. is closely connected to the trouble coming in Europe, just as Nita Johnson saw. We are going to see big trouble hitting both sides of the Atlantic back and forth like a see-saw. Each event is connected to the next and puts an added strain on the other nations.

In two other dreams I saw the dollar dropping fast against the Swiss franc. That tells me the Swiss franc will not collapse until after the dollar takes a big dive. I am not referring to the death of the dollar here, but that eventually happens later. I believe the euro and the franc will both die at about the same time, so the dollar’s big dive will also precede the death of the euro. The problems with Greece could flare up prior to the drop in the dollar, but I believe the euro will still exist when the dollar drops.

I was also told the Swiss franc would collapse before the death of the dollar. The Swiss banks have a long history of being cautious and wise with their finances, which has earned them a reputation as a safe haven. However, in recent years they have have allowed themselves to load up with European bonds and even stocks, which makes them just as vulnerable to the coming collapse as the rest of Europe. They will soon suffer the same fate as the rest of Europe as both the euro and the franc will become worthless.

Soon after the euro and the franc become worthless, the dollar will also become worthless. My guess it will all happen within a few months. I shared these events in more detail in my previous post: The Final Four Seasons of the U.S. Dollar.

How To Prepare

Anyone who has raised children knows there are times when our kids think they know some things so they tune out what we have to say, even though it would have blessed them or at least helped them avoid problems. So we have to wait for the right opportunity to say anything, because they are not ready to hear it. Sometimes we have to wait a long time.

This is a hard thing for parents because we love our children and want to help them. It is also hard for our children because they would have been far better off if only they would have listened.

Jesus told his disciples, “I have many more things to say to you, but you cannot bear them now.” (John 16:12)

The Lord first started showing me the coming financial problems in 2011. At that time he only gave me one word and years went by before I got anything more. Even though he did not reveal any dates, I assumed it must be coming within the next few months. I never imagined we would get all the way to May 2015 without any cataclysmic events. I went through a process of being wrong a lot, especially about the timing. I finally reached the point where I refused to do anything without knowing I had his okay. When I did, an amazing thing happened. He started showing me what was going to happen and what to do. I believe he wanted to show me all along, but he had to wait for me to learn to rely on him and seek his guidance. This continues to be a work in process, but the good news is I am not where I used to be.

With the trouble coming in the days ahead, the Lord has many things he would like to show us to help us prepare and even prosper. He is willing to show us, but are we willing to listen? It doesn’t have to take us long to get ready. All it requires is humbling ourselves to admit we need his guidance because he is much smarter than we are.

So when we consider preparing for what is coming, my recommendation is to set aside all of our great ideas and submit every decision to him. If there is anything in our life coming between us and him, get rid of it and get right with him. Then when he shows us what to do, just do it.

Each of us will be held accountable for doing what he tells us to do. For me, I was told to buy the dollar against the Swiss franc (USD/CHF), then use the profits to buy silver first then gold if silver is not available. The Greek drama now unfolding will soon become a tragedy. All paper assets based on U.S. dollars will become worthless and only real assets will have value. The good news is we still have a little time to prepare.

James Bailey

Author: James Bailey

James Bailey is a blogger, business owner, husband and father of two grown children. In 1982, he surrendered his life to the Lord Jesus Christ. In 2012, he founded Z3news.com to broadcast the message of salvation by reporting end time news before it happens.

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May 13, 2015 3:05 AM


Greece made EUR 763 billion payment by tapping into its reserve IMF fund–this must be paid back in 2-3 weeks. I don’t see how they’ll come up with EUR 763 billion and make all their other payments May 15-June 12. Yet, Wall street said crisis over, stocks soared, our FAZ went down again. I don’t see how they won’t l default in June–there’s a lot of payments due. But the shadow government seems to be able to manipulate anything.

May 8, 2015 2:09 PM

What I have done with my 401k is open a Brokerage Link (my 401k is through Fidelity). You might be able to do the same, depending on your 401k provider. Basically, I am selling some shares of mutual funds held in my 401k savings plan, moving the cash into my brokerage link, and I can buy shares of FAZ through the brokerage link (which is still part of my 401k program). When the time is right in the future, I plan on selling the shares of FAZ, rolling-over my 401k into an IRA, and purchasing physical silver and/or gold held in the IRA.

May 8, 2015 10:43 AM

besides three signs James provided, I just add another sign before the big crash.
a sign to watch for is from an incredible 3 part prophecy, from brother John W Johnston, at unitedstatesprophecy.com, which was given back in 1981. Now in this prophecy, 2 parts of it, have already come to pass, with the 3rd part, yet to come, and in that prophecy it says that when the 3rd part comes to pass, that is when, the economic collapse of America will come.
The 1st part of this prophecy, was that the Berlin Wall would fall. 8 years later, it happened. The 2nd part of this prophecy is that Russia would take a severe blow, then recover….. that certainly has happened. So the 3rd part of this prophecy, is that after Fidel Castro dies, then shall come the collapse of the economic system of the US. How long would it take after Fidel Castro dies, till we see the economic collapse? he is 89 years old in 2015, so you know his days are numbered. If we see the death of Fidel Castro in 2015, then that would be a very strong sign aligning with the others signs here.

April 12, 2017 5:49 PM

Fidel Castro died in 2016.

Bill Weather
May 8, 2015 1:49 AM

Ok James. On watch for June 15th. But I find it hard to believe some of the claims made, so far nothing real significant has happened of these headlines since June 15 of 2011, as was claimed.

May 7, 2015 8:55 PM

To all that post on James’ blog. Listen and take it to the Lord. Thank you James for letting us know about your dreams and the prophecy’s of others. People; listen to what James is saying about his dreams and take actions after you pray about it. You know what it is that James has mentioned to do. Making comments and asking James about the events he say in his dream is one thing, but to ask for advice I think is going to far. We all know the economic collapse is coming so take action.

May 7, 2015 3:16 PM

What do I do to protect my 401 k

May 7, 2015 8:06 AM

Hi James, thank you very much for posting these updates. I hope thru these articles, I can provide advice to my clients (as a financial advisor) and hoping this will somehow lead them to Christ. My question is, how will these prophecies affect us in Asia? I’m living in the Philippines. Should we also start selling stocks at this point and stay in cash? Should we also start buying gold/silver? What are the consequences of these events here in Asia?

Hoping for your thoughts….

May 7, 2015 7:04 AM

Hi James..In regards to your above comment about retirement account (401k and IRA). Do you think they will be whipped out on the first down turn? I bought some FAZ with IRA account and will liquidate when appropriate. Thanks.


May 6, 2015 10:40 PM

So much appreciate you sharing what the Lord has revealed to you and for taking the time to give so much detail concerning the financial situation in Europe. In considering preparation for expected upheaval, do you or any of your readers have an opinion on 1) when buying silver, are bars or coins the best way to go? 2) do you remove money from retirement accounts and take the penalty? Thanks again.

James Grubbs
James Grubbs
May 6, 2015 9:42 PM

Thank you Mr. Baily for your insight and giving us the messages the Lord has shared with you. I would like to tell everyone that the BIGGEST thing we need to do in our lives in preparation of the coming day’s is put Jesus first in all we do. I notice when I’m continually communicating with the Lord throughout the day, I have a much better day and If I don’t communicate, I find myself unarmed against the enemy’s attacks and find myself doing the wrong thing. Putting Jesus first in all things shows our love for him and in return he shows his love for us.
God Bless you Mr. Baily and all those who fight against the enemy daily.
Jimmy Grubbs