Forbes
November 1, 2011
George Papandreou, the Greek Prime Minister, has just played a blindingly good political hand. He’s announced that there must be a referendum in Greece on whether to accept the bailout deal or not. Who would have thought that the Greeks would use democracy, that thing they themselves invented, to deal with the economic crisis? It’s just so un-European, so anti-communitaire, to actually ask the people.
For what this really does is removes much of the pressure that the Troika (ECB, EU Commission and IMF) can bring to bear on the Greek Government to just shut up and force austerity down the throats of the citizenry.
I got quite some stick a few days ago for suggesting that a military coup was the answer. Although of course that’s not what I was suggesting at all, I was just commenting upon a dark and bitter joke that is going around the financial markets. But what Papandreou has done here is, at least I think so, quite superb for a number of reasons.
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