One of the reasons of the eurocrisis maybe the contrast between two different speeds. The financial markets thanks to the Internet, etc move quite quickly. On the other hand the democratic decisions cannot be made so quickly. So the only way to have a balanced world is that the speed of the financial world and the speed of decisions can become closer.
There are different ways to do that:
One way is with financial transaction tax. Once you have to pay for a transaction maybe the transaction do not happen so quickly.
Another way, the worse one, is a world ruled by a dictatorship. China, for example, can take decisions faster than Europe. I don’t think this must be the future we want.
And the other possibility is somehow to slow down the financial markets! Instead of markets that are open 5 or six days a week they should open less days!
The referendum of Greece is a bad idea because its speed collides with the speed of the finacial markets! If the referendum could be done just tomorrow it would be maybe bad for the euro but at least we will knowsoon what to do next!
So the lesson that we should learn from Greece is either to slow down financial markets or to speed up democratic decisions!
- Europe shudders as deal is put to vote (theage.com.au)
- Debt crisis: Greek PM wins cabinet support for EU bailout referendum (telegraph.co.uk)
- Greek PM Papandreou Rocks Europe: Calls Referendum on Greek Debt Deal (news.firedoglake.com)
- Greece risks meltdown after bailout vote bombshell (thestar.com)
- ‘This is no way to run a country’: Greek referendum move sparks anger (thestar.com)
- Greek Premier Faces Revolt (online.wsj.com)
- Greek referendum deepens eurozone crisis (business.financialpost.com)