Between Rock and Hard Place

"Economic reality has forced us to take very harsh decisions," George Papandreou told his ministers in a televised address of the emergency meeting of his cabinet – the first ever held on a Sunday morning. "This is the only way we will finance our €300 bn debt...I want to tell Greeks, very honestly, that we have a big trial ahead of us." The Greek finance minister, George Papaconstantinou, forecast a deeper than expected recession of 4 percent for 2010 and 2.6 percent in 2011.

One wonders whether this is feasible in a modern democracy. One wonders whether it is advisable in a modern democracy. And one wonders whether there is any alternative. Should be an interesting week.