Cradle of democracy denied a vote

The eurozone has bought time. It is in a better state to withstand a Greek default than it was a year ago. At least that is the claim of the German Finance Minister Wolfgang Schaeuble. It seems Germany has consequently become less interested in keeping Greece inside the eurozone.

The wonkier eurozone economies, particularly those that have lost their AAA status, still feel queasy if Greece goes bust – fearing they will be sucked down in the consequent chaos.

Months after Europe effectively replaced the Greek government with a hand-picked band of technocrats, today we see Europe bound upon the unedifying exercise of trying to bind the hands of any party likely to win April’s General Elections in Greece. They want all these parties to sign up to the bailout conditions agreed this week, thereby depriving the Greek electorate of the opportunity actually to vote to leave the eurozone and go bust.

It seems that the eurozone and democracy are becoming increasingly uncomfortable bedfellows. And that’s before we visit the condition of the suffering Greeks themselves.

In news terms, the Greek rebellion against austerity is becoming rather like the Northern Ireland Troubles years ago – readers, viewers are bored with it all. But deep down there is a terrible truth dawning on practically every Greek – they can never hope to pay back what they already owe, and will owe under the second bailout.

I’m indebted to an article in Vanity Fair written over a year ago for pointing out that the Greek debt represents a personal debt of a 250,000 dollars for every working Greek.

Greece can only recover with growth – currently she is going in precisely the opposite direction at the rate of over five per cent a year.

In such circumstances, what right does any institution have to deny Greeks the right to vote to go bust?

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