A bombshell! This is one to bring the house down. The Greeks are to have a referendum on whether to accept the terms of the bail-out cobbled together a few days ago in crisis conditions. The country has no possible means ever of repaying its debt, and the Brussels mob came up with a bail-out, inadequate in itself, vague except for the strings attached. Essentially they issued a diktat whereby in return for token cash, Greeks are to hand their economy to the Brussels mob, or in plain language, give up their sovereignty. Aux barricades! Of course, they have taken to the streets. Much more of it, and the country will reach social break-down.
Prime Minister George Papandreou may look moth-eaten, but the announcement of this referendum is pretty brilliant politics. He ducks the blame for giving in to the Brussels mob, and he heads off the threat of a general election that he and his Socialist Party are certain to lose. Better still, he can be sure that the voters are going to say no and reject the bail-out by a large margin. Ouf! Greece will then be able officially to default, scrap the doom-laden euro, return to the drachma that it should never have abandoned, and devalue. That way, they can become competitive again, and the society will hold together.
The panic of the Brussels mob is wonderful to behold. Of course they may yet devise another of their anti-democratic tricks to keep the show on the road, and in the great quip of long ago British prime minister David Lloyd George, die with their drawn salaries in their hand. They may somehow rout Papandreou, or refuse to accept a referendum that says No, and insist on a second one that delivers Yes.
Everybody with a head on their shoulders has been forecasting for years that the euro was certain to come to a crisis like this. The sovereignty of nations is stronger than the Brussels mob. Union was a historic mistake. The Greeks invented democracy, and it will be poetic justice if they save it now and free us all.