tag:blogger.com,1999:blog-8614472126687082199.post3358125558632128460..comments2023-09-15T05:18:01.956-04:00Comments on Politics and Entertainment: Cancelling the Greek Referendum and Angela Merkel's Steely FocusAppalledBChttp://www.blogger.com/profile/07513841752990102351noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8614472126687082199.post-70503776318872675752011-11-04T12:52:25.561-04:002011-11-04T12:52:25.561-04:00Greece backs off referendum, dealing blow to euro-...Greece backs off referendum, dealing blow to euro-zone equality - The Globe and Mail http://bit.ly/ujzA0l Doug Saunders sees the erosion of democracy in this Greek drama:<br /><br />"In an effort to avoid a financial catastrophe, Europe’s leaders persuaded Athens late Thursday to back away from a referendum, but the result, which involved threats to expel Greece from the euro zone, has destroyed any sense of democratic solidarity uniting them.<br /><br />This probably staved off a devastating run on the euro that could have brought down the Italian and Spanish economies and placed France’s stability in peril.<br /><br />But it also ended the principle of unity among the 17 countries that share the euro: It is now possible for the wealthier members to override the democratic systems of the poorer ones.<br /><br />It was self-defeating victory. In order to win passage of the bailout package, the leaders had to assert that theirs was not a common currency at all, but one in which the wealthier export-nations held precedence over poorer, import-dependent, debtor nations."AppalledBChttps://www.blogger.com/profile/07513841752990102351noreply@blogger.com