One thing puzzles me about the recent turn of events in the Eurozone crisis. How will the new Prime Ministers of Italy and Greece persuade the Greek and Italian people to accept the austerity packages they're being asked to swallow as a condition of being bailed out or continuing to be bailed out? If said Prime Ministers were elected, or had any sort of democratic mandate, I can see that they might have some authority. But having effectively been appointed by the European Central Bank, the IMF and the EU Commission, as opposed to having won power via the ballot box, how will they secure the consent of the governed? (To read more, click here.)
