Are there lessons to be learned in the Greek crisis for Bermuda, should we continue our trend towards financial insolvency? Greek Prime Minister Papandreou’s call for a referendum on the country’s bailout package could be a brilliant political move, if he’s allowed to make it.
The rest of the world may be appalled at the prospect of putting the decision to the people but let’s remember, the last bailout and debt forgiveness didn’t exactly work all that well, did it? Why then is more of the same medicine likely to fair much better? Will it ultimately be rejected by the Greek people and lead to even more rioting in the streets and mass unproductivity?
Are there alternatives? One potential solution then is to involve the people in the decision in order to quell discontent. By letting the people own the decision, it becomes far harder for them to rally and protest against it for it wasn’t rammed down their throats but was made of their own accord. The trick for Papandreou to achieve success is to carefully phrase the question for the people to answer.