From Usury to Economic Justice: Orthodox Christian Ethics and the Sovereign Debt Crisis in Greece and Cyprus

Abstract

Purpose: To explore how Orthodox Christian ethical teachings on lending and usury can be translated into economically viable frameworks that promote justice, solidarity, and responsible financial governance in Greece and Cyprus.

Design/methodology/approach: This study employs a conceptual, historical-theological, and applied ethical approach. It draws from biblical sources, patristic writings (particularly St. Basil the Great and St. John Chrysostom), and comparative analysis of the sovereign debt crises in Greece and Cyprus. The study also outlines pathways for implementing these insights into economic policies and financial systems.

Findings: The study establishes that Orthodox Christian ethics condemns exploitative lending while allowing for morally responsible lending that supports communal welfare and development. A theological framework that balances compassion with economic prudence can foster just and sustainable finance.

Practical Implications: Ethical guidelines derived from Orthodox theology can inform public policy, inspire alternative banking models, and promote equitable lending practices that contribute to economic stability and social welfare.