The shock announcement by Greek prime minister Georgios Papandreou that his people will be asked to vote on the euro “rescue plan” before it is accepted, is little more than a referendum on the existence of the euro and even Greece’s further participation in the European Union experiment.
Pro-EU observers and politicians have been horrified at the announcement, and have roundly condemned Mr Papendreou. Some have even suggested that he is “ungrateful” for the aid package on offer. A spokesman for French president Nicolas Sarkozy dismissed the referendum as “irrational and dangerous,” a view echoed by most others involved in the eurozone experiment.
The announcement has put the entire bailout process on hold, said Telegraph columnist Ambrose Evans-Pritchard, who pointed out that the “markets cannot wait three months to find out the result.”
“Unless the European Central Bank steps in very soon and on a massive scale to shore up Italy, the game is up. We will have a spectacular smash-up,” the Tory blogger added.
Another observer, writing in a German publication, said that Mr Papandreou’s decision “seems like an act of desperation. Regardless how the referendum’s question is eventually worded, the Greeks will be voting on whether their country will remain in the euro zone or leave the single currency.
“How can Papandreou do this? It’s asking the same people who riot against his policies! It is already clear what the outcome will be! Such were the instant reactions to the prime minister’s announcement,” the German observer wrote.
The reality is, however, that even reverting to the drachma or leaving the EU is unlikely to help Greece in the medium term. Its economy has been so damaged by a combination of stresses caused by the common currency and, it must be said, poor domestic management, that the debt mountain will remain a problem for some time to come.
At least, however, the Greeks are actually being given a chance to vote on EU policy, and possibly even membership—a luxury denied to the British people.
Mr Papendreou’s bold move contrasts vividly with the suppression of a vote on EU membership by the Tory-Liberal-Democrat-Labour alliance last week in Westminster, despite all opinion polls showing a majority of the British public being in favour of a chance to vote on the issue.
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The best thing the Greeks could do is default on the debt, which is illegitimate anyway. The Greeks would be much better off if they took control of their money-supply (as we would also), they could devalue the drachma and set interest rates, and of course leave the EUSSR.
At least the Greeks may get their referendum unlike we in Britain, shows the contempt for democracy of our ruling class.
It was great to see the shocked reaction of Sarko, democracy NON! Non! Non! He believes we are there to serve the EU & its maddening policies, not them to serve us. We need to reassert the sovereignty of the PEOPLE & kick all these dictatorial traitors into touch. POWER TO THE PEOPLE!
Did you hear Sarkozy today (Thursday) – “if the euro explodes, so does Europe.” Assuming by Europe he means the EU, I say “bring it on!”
It’s like Schussnigg calling a referendum in Austria in 1938 a week before Hitler’s Anschluss. That wasn’t allowed.
I hope they turn it into a multiple choice referendum with a result of: No to the bailout, pull out of the EU immediately and give the EU the middle finger to the debt with not even a 20p in the pound type offer. Hopefully it will bring it all down.
Losing two MEP salaries would be a very small price to pay to see the back of the EU once and for all. I think we were very fortunate that we never adopted the Euro.
The ancient Greeks gave the world ‘Democracy’, how very good to see them once again displaying it in its truest form.
How I wish we lived in a democracy, instead of being slaves to the bankers and politicians..
Personally, I like the Greeks. My poor city of Birmingham is over run with all sorts of horrible people from around the world. The few Greeks, although a hardy bunch, are very nice to know indeed. You do not hear about a group of Greeks threatening to behead anyone who does not agree with their religion. You do not hear of Greeks mugging people or see them flooding the country in mass numbers. Good luck to the Golden Dawn movement in Greece. From a proud member of the new British Democratic Party. join us.