Many Protestant claim that they can interpret the Scriptures accurately. Do they usually have this background knowledge in Hebrew and Greek?
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I can.
And translation is different than interpretation.
However, knowledge of Greek and Hebrew will help with interpretation, I have known many more protestants with a solid grasp of Biblical interpretation then the lay Catholics I have known. I think the reason for this has more to do with the absence of a strict hierarchy in Protestantism than any intellectual foundation.
In my experience with Catholic bible studies, the hierarchy or lack thereof has nothing to do with it.
Catholics often have not read the Bible that much growing up. We hear the Word each week at Church, and get the major ideas, but haven’t sat down to carefully read through passages and footnotes. Sometimes, in “small group ministry” studies, there is no clergy present or anybody who has any background, although there might be a workbook with discussion questions. At Mass, the priest does not do a sermon on interpreting the Scripture. He tells an opening joke, then makes a broad point about the theme of the day, often illustrated with a story about the priest himself (usually “struggling” or accepting his “brokeness”). Not the best foundation on which to begin Scripture study. But we’re trying, and we are learning. And actually, we do have a priest who has led educational series’ on various books of the Bible, using his background in biblical languages. Those are relatively well-attended when offered.