Saving the world from democracy

Direct democracy, that is. But hey, the headline pulled you in, right?

Good thing the Greek PM can’t make a decision and stick with it. He’s backed off from further roiling world markets with his highly destructive idea of holding a referendum on whether his country will accept the terms of remaining part of Europe:

Greek Leader Calls Off Referendum on Bailout Plan

ATHENS — After a tumultuous day of political gamesmanship, Prime Minister George A. Papandreou called off his plan to hold a referendum on Greece’s new loan deal with the European Union and vowed to continue in office despite rumors he would resign and growing pressure from within his own party to do so.

In an address to his party’s central committee on Thursday evening, Mr. Papandreou said there was no need for a referendum now that the opposition New Democracy Party had said for the first time on Thursday that it would back the loan deal.

Trying to capitalize on what appeared to be a major political coup, the prime minister invited that party to become “co-negotiators” on the new deal and later said that talks on a unity government should begin immediately.

OK, so maybe he was crazy like a fox. But playing with the world’s economy like that was still crazy. And we’re not out of the woods yet.