Greek debt referendum: Bad for economy, but good for democracy

European Union leaders are reportedly “irritated” and “annoyed" with Greek Prime Minister George Papandreou, who shocked his European colleagues and global markets by announcing a referendum on the latest EU bailout plan for his country.

But those not directly involved in bailout negotiations seem to agree on two things: The Greek call for a referendum is good for democracy although it is, at least in the short term, potentially bad for the economy.

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Greece’s born-again democracy has lessons for U.S.

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