From Charles Hugh Smith (my emphasis):
Greek Prime Minister George Papandreou’s call for a citizens’ referendum to decide the future of Greece is direct participatory democracy in action. Yet the European leadership and the Elites who need global markets to remain in nosebleed territory are outraged by this unscripted emergence of democracy.
The absurdly hostile reaction to democracy in action reveals the ugly, sordid truth, not just in Europe but in the U.S. and other faux democracies: democracy is tolerated until it threatens the global markets that empower the financial/political Elite. Then it becomes a mortal danger to be subverted or overthrown.
The message is clear: saving the Eurozone’s banks and Elite bondholders is more important than mere democracy or national sovereignty: banks which assessed the risks and offered loans to Greece on terms they reckoned profitable are now the victims who must be “rescued” by the debtors.