Wall Street Journal
September 20, 2011
Greece showed the way with democracy a long time ago.
Now it could be the country’s chance to do so again. Holding a referendum on the euro would give the Greek people a voice on how to take the medicine for years of overspending.
Either, stay with the single currency and have further drastic spending cuts and austerity dictated by the terms of successive bailouts. Or, leave the euro zone and regain fiscal independence but risk years of further penury as the country finds itself unable to raise foreign loans.
This is the option Prime Minister George Papandreou may be prepared to give the Greek people as stories of his support for a referendum are floated in the Greek press. The Greek government has, of course, denied the stories but as euro-zone tensions continue to rise and the future of the euro becomes increasingly untenable, the Greeks may find that they are not the only Europeans being given this choice.
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