THE TEST OF CAPITALISM, IN THE CRADLE OF DEMOCRACY?

The Greek Prime Minster Mr Papandreou’s test of the bailout deal is an absolutely critical moment. He is not rejecting it, he is trying to take it to the Greek people, and the cuts that are being imposed too, as part of the package. Is that not a true test of democracy, in the cradle of democracy, or the proof, in the shaking reactions of markets, of what has really happened to world democracy? Namely just what that loathed trader said, recently, that it is not Governments really in charge, but Goldman Sachs. It may highlight the problem of Greece joining the Euro-Zone in the first place, but it is actually a test of that trader’s words, a political compact, versus market inevitability – and whether Democracy really does exist, or what its limits are. You may think Greece has been handled lightly, that it brought many of its problems on itself, but you cannot too easily criticise the Prime Minister for following a democratic principle, in suggesting it. Commentators say this is an economic crisis, not a political one, but is that not exactly what protestors in London and New York are trying to talk about? Then though there are these worrying echoes out of the Greek army, that remind you of the days of the Colonels. We should all be flies on the wall at the lunch tomorrow, but then no one would get served any food!

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