Financial markets are in a panic because the bailout deal worked out by European leadership last week - and will impose austerity measuers on the Greek population - is going to be put up for a referendum. It is not considered likely to pass, which may have global consequences.
This is a very democratic development, but is it a good thing or a bad thing? Is the type of activity that Madison and Hamilton wanted the American system to avoid? There are no national referendums in the U.S. Is Greece acting like one of the states under the Articles of Confederation?
This is worth heavy discussion.
- Greek Inaction Or Democracy In Action?
- What The Hell Just Happened In Greece?
