Limited democracy in Greece

After yesterday's endorsement of the second rescue package in the Greek parliament Frankfurter Allgemeine Zeitung's Michael Martens takes a look at democracy in Greece and concludes that "for the foreseeable future Greece will only be a limited democracy". According to the author the Greek government has been stripped of its sovereignty and the elected representatives can no longer take meaningful decisions. Instead they execute what the EU and the IMF tells them to do. Martens dismisses worries of economists that the rescue programs could create moral hazard and constitute an invitation to countries to be fiscally irresponsible. "No prime minister will want to pay the prize that prime minister Papandreou currently has to pay", he writes.