The markets in turmoil, and European leaders are crying foul over Papandreiou’s pledge to hold a referendum on the bailout package. Yet the right answer is to let the Greeks vote. Greece gave us democracy and we should honour their rights.
All economic actors, whether individuals, corporations or nations, should be free to act in their own best interest – even if others believe they are acting with incomplete knowledge.
If the Greeks feel it is their own best interest to default – they should be allowed to do so. The fact it could damage the rest of Europe is the fault of those nations and banks who lent Greece the money to a point well beyond their ability to pay.
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1 comment
Cynical Bard
1 November 2011 at 21:37 (UTC -6) Link to this comment
If Greece agrees to the bailout a package, they will be giving up some of their sovereignty to the others, basically Germany.
If they do not accept, they will default, will not be able to borrow anything for a long time, and must start to live within their means quickly.
The people participated n creating this mess and should have a say in how to get out. Let them vote.
Our concern should be that many other countries are in precarious positions as well, though not as bad as Greece.
In Canada we claim to be doing very well with a National Debt of only only 37%, of GDP, but if we add in the provincial debts it is close to 90%. We are not so good as we like to claim.
We too, are in a hole, and like most other developed countries, are still digging, with no real plan in sight.