Democracy anyone?

I am troubled. When the financial crises really hit Greece, prime minister George Papandreou called for a referendum. The day that he started the process of getting rid of a job only a madman would want. 

Of course, he should have told aunt Angela and uncle Nicolas of his sudden democratic qualms in advance. Of course, the government should have asked the Hellenic people before they borrowed the money in the first place, not only when it came to paying back. In addition, the banks were outraged, big surprise, they thought they were home free and that someone would step in and shield them from losses. They can shut up. 

And yes, it is fair enough to be annoyed with the change of plans. But still, it is a bit of a puzzle that everybody thought it to be such a silly idea to trust the people with ruling themselves. Iceland, another pretender to being the oldest democracy in Europe, actually tried it. And despite a similar outcry, they actually survived and are, if not exactly doing well, on the way to recovery. 

What troubles me is the very question of democracy. At the end of the day, the people of Greece should be allowed to decide for themselves. If the banks do not like that, they certainly should not lend them money. They cannot expect interest on risks they never take. As for our elected people, well, they have been spending money they did not have. And they know it is unlikely they will still be in office when the debt is due. They have jeopardised the prosperity of just about every household in Greece. 

It really is quite simple. To quote Micawber: "Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Most people will be in trouble if they spend more than they earn. Why do politicians get away with it? Maybe they should not. Maybe there should be a referendum every time a government cannot cover its expense with income.