More uncertainty is the last thing that Greece needs right now. Prime Minister George Papandreou?s decision yesterday to announce a referendum over the haircut to Greece?s debt may very well prove to be catastrophic.
One certainty is that it will bring the entire country to a halt for weeks and embroil it in a lengthy debate, during which neither the government nor any part of the state apparatus will be doings its job as it awaits the results.
The uncertainty, however, is not confined within Greece?s borders. It is out there, growing among Greece?s European peers, who may be wondering whether they too should hold a referendum over whether or not to lend Greece anymore money.
The image of Greece is one of complete immaturity — a country of high risk in which no one would ever want to invest or even entrust their money with.
The premier?s decision will accelerate Greece?s exit from the eurozone and back into the drachma unless the country?s mature political forces decide that the circumstances are too important for anyone?s petty obsessions to take the upper hand.