THE INDEPENDENT: The Greek premier has resisted calls for his resignation. He should heed them
It is a measure of the recklessness of the Greek Prime Minister's referendum gamble that his government's descent into disarray yesterday should be so welcome. That the outcome was the swift withdrawal of George Papandreou's ill-judged plan for a plebiscite on the latest eurozone bailout plan is a matter of considerable relief. And the tentative moves to establish a transitional coalition government in Athens are even more so.
With financial markets see-sawing and Italy's borrowing costs soaring to dangerously high levels, it can only be hoped that yesterday's developments draw a line under the latest bout of instability to rock the eurozone. Even so, the verdict on Mr Papandreou is unforgiving. Not only did his referendum bombshell display an unconscionable blindness to knock-on effects beyond his borders. If, as Mr Papandreou claims, the goal was to ensure a sufficient mandate for the policies agreed in Brussels, he should have called a general election. It is some comfort that his refusal may yet be overtaken by events.
Despite yesterday's volte face, Mr Papandreou was last night resisting calls for his resignation. He should heed them. Not only does this week's debacle prove he is not up to the job that Greece, Europe, and the world, require of him. At a practical level, it undermines his credibility in future negotiations. Relations with his eurozone colleagues, most particularly Angela Merkel and Nicolas Sarkozy, have been materially damaged. Perhaps as important, he has lost the trust of the markets. The most promising development now would be the loss of today's vote of confidence in Athens, clearing the way for a government of national unity, under new leadership, backed by the broad political consensus so badly needed. Read on and comment » | THE INDEPENDENT | Friday, November 04, 2011
