Because no one believes that Greece will be able to service loans amounting to one-third of GDP annually, the only question is to roll over debt, to restructure a payments schedules, to forgive part of the debt, to extend the current IMF-EU program another three to five years as the IMF has informally suggested, pending final EU approval, or for Greece to walk away from the EU and declare an outright default. The answer of course is one that has been worked out already, namely managed bankruptcy under IMF-EU austerity and policy guidance. It is absurd to even suggest, as some prominent economists and financial analysts have been doing, that Greece may lapse into bankruptcy when it is already there and operating under an IMF-EU managed bankruptcy program. Because Greece is part of the eurozone, an official declaration of bankruptcy would be a reflection of the EU. Unlike Trikoupis who had the courage and integrity in 1893 to stand up before Parliament and declare bankruptcy and place the country under rigid foreign financial control, PASOK Premier George Papandreou employs meaningless “Socialist,” nationalist, and populist rhetoric to explain the “true state of affairs” in Greece. Beyond the very tragic issue of millions suffering lower living standards, a situation not very different for other countries from the north Balkans to Ireland, the question is to what degree is Greece (Ireland, Portugal, and other countries in similar situations) a sovereign country and to what degree do citizens have a voice in what the media and government tells them is a democratic process? Can a country so externally dependent as Greece enjoy democracy at the same level as a more affluent country like France or the US? But let us quickly reflect on democracy in France and US; to what degree does a worker or a middle class professional in France or the US feel that she/he is making a difference in the democratic process, and to what degree do citizens believe that it is large corporations determining the country’s economic destiny?