the newly elected government was told in effect that they had no choice: accept the conditions or your banking system will be destroyed, your economy will be devastated, and you will have to leave the euro. What does it mean to be a democracy, where the citizens seemingly have no say over the issues about which they care the most, or the way their economy is run?
In his book "The Euro: And its Threat to the Future of Europe," Joseph E. Stiglitz discusses how newly elected governments face immense pressure to conform to strict economic conditions imposed by external entities. As a result, they are often left with little choice but to comply, or risk dire consequences for their banking systems and overall economies.
This situation raises important questions about the nature of democracy. When citizens find their voices disregarded and have limited influence over significant economic policies, it challenges the fundamental principles of democratic governance. Stiglitz emphasizes the disconnection between political power and the will of the people in the face of economic austerity and stringent regulations.
