It's a tricky thing. The same question can be applied to a few other verses in the New Testament.
One guy came up with (what is now called) the
Granville Sharp Rule: if two nouns are connected simply by an 'and', but only the first noun has the definite article 'the', then the two nouns refer to the same thing. In other words, according to the Granville Sharp Rule, since the Greek text literally says 'the God of us and Savior Jesus Christ', with the word 'the' used only before the first noun (God), but not also the second noun (Savior), then the two nouns refer to the same thing: Jesus Christ who is 'the God and Savior'.
But, Granville Sharp's Rule is a pretty subjective one, and different circumstances can mess it up. For example, the Greek text of 2 Peter 1.1 has the word 'of us' (meaning 'our')
after the words 'the God'... this would seem to
distinguish 'the God' and 'Savior Jesus Christ'.
Point blank, either interpretation is
possible, but we really should determine the true meaning from the surrounding context, and whether the writer is consistent with how he speaks about each 'God' and 'Savior Jesus Christ'.
This technically does not matter, because Greek uses definite articles in a different way than English does. Case in point, John 1.1 starts off as 'In the beginning'. Every major English translation has that word 'the'... even though the Greek doesn't have a definite article. The Greek text
literally says 'In beginning', while the
specific 'beginning' the author has in mind is implied by verse 3 (the 'beginning' of creation, i.e. Genesis 1.1's 'beginning').
At many times the English has to provide an implied definite article from the Greek (such as in John 1.1, with 'in [the] beginning'), and at many times the English
removes a definite article when translating the Greek because it sounds awkward in English (such as John 1.1, 'and the word was with
the God', where the 'the' is present in the Greek).
The opinion I have on 2 Peter 1.1 (given at the end of this post) is based on Peter's writing style throughout the rest of the epistle, as well as the parallels that are to be found in the epistle of Jude. (Second Peter and Jude are clearly related. If you haven't heard this before, I suggest printing out each epistle, and using separate markers to highlight sections that read similarly. Second Peter, sometimes, will take a single thought from Jude and stretch it out into multiple statements, sometimes a paragraph apart from each other.)
Verse 2 gives the typical blessing, where 'God' and 'Jesus our Lord' are referred to separately. In every other epistle of the NT that has an opening blessing for the readers, 'God' is never used to refer to Jesus. Applying this back to verse 1, we immediately see that we don't have a reason to see 'God' as referring to Jesus. After this, when speaking of Jesus, Peter consistently uses the titles 'Lord', 'Christ', 'Savior', 'Master', or 'Son', but nowhere else does he apply the title 'God' to Jesus. And when speaking of God he will consistently refer to him as simply 'God', or as 'Father'.
The first ambiguous time where 'Lord' (a title used several times for Jesus, but not for God)
might have been applied to God (verse 2.9), the parallel with Jude (verse 5) shows that Peter is referring to Jesus. (Compare 2 Peter 2.1-9 and Jude 5-7 each in their full contexts: the 'Master' and 'Lord' from 2 Peter is parallel to 'Jesus' from Jude.) The second time, Peter uses the title 'Lord' in verse 3.8 when he paraphrases a Psalm that speaks about 'the LORD' (that is 'Yahweh'). Verses 3.9-10 continue this, but the most that can be said of this is that Peter is thinking of 'Yahweh', which could refer to either God the Father or to Jesus. (Compare Romans 10.9,13 where the 'Lord' Jesus is effectively identified with 'the LORD' (Yahweh), and Romans 11.2-3, where God is identified 'the LORD'.)
All in all, Peter
does look to Jesus in a very high light. However, at no point in the epistle does Peter give the title of 'God' to Jesus. Within Peter's manner of writing, God is 'God' and 'Father' (and possibly once 'Lord'), while Jesus is spoken of distinctly as 'Lord' (at least nine times), 'Christ', 'Savior', 'Master', or 'Son'.
In my opinion, 'God' and 'Savior Jesus Christ' in verse 1.1 should be read separately.
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