The recent decision by the Greek Prime Minister, subsequently backed by his Cabinet, to take the issue of approving the severe austerity measures imposed by the EU necessary to secure the literally life-saving bailout funds to prevent Greece from going bankrupt, to the people to support or not via a referendum may be viewed in a number of ways. For this massive gamble may be perceived as either a shrewd move or else the act of a dead man walking and one who wants a way out by committing political suicide. Could not Lawrence Gonzi adopt the same mindset or perhaps be seen in the same light and call a referendum for the people of Malta to see if we approve of continuously loaning the Greeks our money?

If the present Greek Prime Minister and his government survives long enough to oversee this referendum (for calling such may actually result in the present government’s collapse) then this “rebellion” from the general consensus has much to be admired despite its drastic possible consequences. For first and foremost it sends a message to the EU dictators that Greece has a mind of her own and will take the appropriate measures to decide her own fate without first seeking their approval or condescending consent to do so. This referendum and the eventual result could be catastrophic for Greece and could derail their rescue plan (they were living on borrowed time and money in any event) this action is nevertheless a slap in the face for the domineering and imperious bully-boys (and girl) of the EU hierarchy, the so-called Merkozy regime.

It has become apparent lately that the EU is actually a two-tier, tyrannical entity comprised of the haves and have-nots allied with the do as we say, not do as we do brigade.

However, the one overriding factor in these calamitous and extremely tardy attempts to save the euro and thereby the composition of the eurozone is the sheer unbridled arrogance of the EU in that since the inauguration of the European single currency the failure of such, or the remotest possibility thereof, was never at any time ever contemplated. Moreover, that there has never been any provision or contingency plan for this possible occurrence nor any planned exit strategy for one or more members to leave the eurozone, is pure unadulterated incompetence and preposterous presumption on the part of the EU who obviously are unaware of the history of paper currencies.

For it was the Chinese who invented paper currency as a form of trade payment back in the 11th century. However, since this innovation for conducting business it is an immutable fact that every subsequent single form of paper currency ever printed or adopted by a country as a means of acceptable payment has always eventually collapsed.

Whatever the result of this referendum, if ever it sees the light of day (and how it is worded for the Greek people to vote on is immensely important) the conclusion merely confirms what the majority of us already knew: the composition of the eurozone as it is now comprised is doomed (and possibly the euro itself) with the composition of the EU itself also threatened.

Finally, this financial turmoil was primarily initiated and caused by the greed of the banks and these so-called “haircuts” and proposed “Robin Hood” taxes are perceived as the way out, and indeed forward, but the banks will not ultimately be the losers as any costs they incur will insidiously be passed on to their customers in one surreptitious form or another.

There is much talk of many cuts lately but the one vital cut is the one that must be made as soon as possible – the EU must cut Greece loose, before both of them cut their own throats.