Peter, if the Greeks opt for a NO to the proposed bailout and austerity measures, they won't be able to pay back their foreign debt, in the same way as they can't pay it back if they voted Yes.
So their best bet would be to vote NO to the bailout and so avoid austerity too.
I say: it was the lavish EU lending schemes that slackened the Greek economy in the first place.
The Greeks would not do away with Democracy. They fought Communism back in 1948 when Tito of Jugoslavia was trying to promote the people's army of this, that and the other in Albania and Greece and supporting a Communist attempt to take Greece by force.
They didn't want the rule of the Colonels either and dropped it in 1973.
So it is up to the Greeks to decide if they want the rule of Col. Austerity. I doubt austerity was written on the package when Greece joined the Common Market, unless they overlooked the smallprint.
Just leave it to Democracy. One characteristic about ancient Athens and Democracy, was that the people could decide when to go to war, but also decide when to pull out of it.
When they were fed up, they didn't just let it drag on... and on...and on....
The PM with his decdision for a referendum will probably become a hero among the Demos
