Democracy Finally Comes to Greece
With riots blazing across the entire country of Greek, Democracy finally comes back to the birthplace of Democracy. On Monday, Greece's Prime Minister George Papandreou announced that Greece will hold a referendum on the recently announced debt deal reached in the European Union. The European debt deal seeks to force private holders of Greek bonds to take a 50% loss and provides Greece with about $140 billion dollars in additional rescue loans.
When he spoke to the Socialist members of parliament he said: “The citizen will be called upon to say a big 'yes' or a big 'no' to the new loan arrangement.” Later he said,“This is a supreme act of democracy and of patriotism for the people to make their own decision.”
The entire country of Greece was taken by surprise with the announcement. The date of the proposed referendum is unknown, but it is the first since 1974 when Greece abolished its monarchy by a landslide vote. With polls in Greece showing that the majority of people are not in favor of the debt deal with the European Union, Mr. Papandreou said “the command of the Greek people will bind us.”