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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