The Wall Street Journal supports Greece’s PM referendum decision. An article of the newspaper titled ‘A Greek lesson in Democracy’ states: “George Papandreou became the most unpopular man in Europe on Monday by announcing that his government would put the terms of last week’s EU-IMF bailout package to a referendum, so that Greeks can decide their economic future for themselves”.
“The Prime Minister’s announcement sent markets tumbling world-wide, took Italian government-bond yields to a near euro-era high, and had German officials privately denouncing his behavior as un-European but a referendum could serve as a lesson in democracy for all Europe”, is being emphasized in the article.
The article explains: “If Greeks vote no, they will at least be taking responsibility for the consequences. That sounds better than Greeks rioting in the streets against politicians in Berlin or Brussels over whom they have no influence”.
Finally, according to the latest annual “Doing Business” survey published by the World Bank Athens ranks 100th in the world rankings in the ease of doing business. That’s just behind Yemen, though still ahead of Papua New Guinea. When it comes to investor protections, Athens ranks 150th.
“The only good news in those figures is that Greece has plenty of room for improvements if only its political class had the courage to undertake them. However the Greeks vote in a referendum, this is the only route to an economic future that offers something better than penury or permanent indebtedness”, the Wall Street Journal concludes.
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