The Revolt of the Debtors
Greek Prime Minister George Papandreou’s call for a referendum on the rescue package agreed at the eurozone summit in October has profound implications for European governance and the euro's future. Financial markets have reacted so strongly because investors now comprehend that “sovereign debt” is the debt of a sovereign that can simply decide not to pay.
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BRUSSELS – Greek Prime Minister George Papandreou’s call to hold a referendum on the rescue package agreed at the eurozone summit in late October has profound implications for European governance, despite the fact that the referendum will not now go ahead. It may also determine the future of the euro.