SO YOU THINK THE EU IS DEMOCRATIC? WATCH THIS VIDEO!

Since writing the headline and posting the video on Saturday there has been a dramatic development. The Greek Prime Minister has called for a referendum of the Greek people to approve or otherwise the bailout conditions. So a little bit of democracy finally comes to a little bit of the EU.

However the Greek PM is getting serious grief from the other eurozone leaders for putting the matter to the people. It is a fact that the delay until the referendum result is known will create a great deal of uncertainty and events in the market may well overtake the referendum. And it does seem that he has sprung this referendum without telling the other leaders about it first. However, given the choice - either year, after year, after year of austerity and mass unemployment or the really short sharp pain of a default, leaving the euro with the massive devaluation of a new greek currency but the chance to rise again like Argentina (8% growth for a number of years post the default and devaluation) - the odds must be on the greek people choosing the latter.

Where will that leave the people of Ireland and Portugal who retain 100% of their debt burden, the yoke of the euro and years of austerity? That's the trillion euro question.

Update 3/11/2011 Referendum called off. Less than 24 hours after the Greek PM was called by his masters to meet them at the G20 Cannes, he has called off the referendum. The people again denied their say in EU matters. The Franco-German axis crushes Greek democracy.