These bailouts aren't democracy. What's worse, they aren't even a rescue

[CHIMO]

Investors are breathing a sigh of relief after a tumultuous week, with at least a semblance of stability restored to Italy and Greece. But the past seven days have also flipped the euro to reveal a new face – and it wasn't a pretty one.

The deeply undemocratic nature of the euro project had already been laid bare in Cannes by the European elite's outraged response to George Papandreou's announcement that he would hold a referendum on the latest "rescue" package for his country.

Papandreou may have had his own tactical reasons for demanding a vote. But given that the bailout package involves further hardship for an already restless populace, it didn't seem unreasonable that, in order to avoid the nation becoming ungovernable, he felt the need to ask for a fresh mandate.

Last week, it was Italy's turn to face intense pressure from financial markets – and, in turn, from its eurozone partners. As Berlusconi showed few signs of carrying out his promise to resign, France began openly calling for regime change in Rome. Now, there's no doubt that Silvio Berlusconi is both odious and ineffectual; but for Italy's neighbours to be demanding the departure of its democratically elected leader was hardly a shining moment for European democracy.

http://www.guardian.co.uk/business/2011/nov/13/bailouts-arent-democracy-they-arent-even-a-rescue