Greece has started its long awaited descent into chaos today as the Greek Prime Minister, George Papandraou, completely loses his nerve. Faced with blackmail from the Eurozone on one hand and total social disintegration on the other, he's decided, in a completly unprecedented step in modern democracies, to to ask the Greek people what they want to do in a referendum. His own party immediately began to process of disowning him while the Eurozone has collapsed in a fit of apoplexy. We asked our economics expert for his view; "It wasn't that great a deal to be honest. The Greeks were being forced to take on loans from the Eurozone so the banks wouldn't lose any money on their bad investments. To pay it back Greece would have to cut its spending to the bone, throwing thousands out of work and pauperising the entire population for a generation. Now the Greek Prime Minister has decided that the rewards of power are not worth taking actual responsibility and he's wigged out, taking the whole Eurozone deal down with him. Meanwhile the Greek people have already made their opinion plain - "Stuff the banks, let them pay for their own mistakes." If that can happen in Greece it might happen elsewhere and the whole financial industry will suddenly find itself having to be responsible for the mess its made, while politicians scatter in all directions trying to save their own skins. This is the first crack in the whole rotten system and it looks like widening."
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