Democracy is Dead, After All

An update of my post yesterday.  It seems democracy is dead.  Greece caved into European demands and dropped the idea of a national referendum on the bailout.  Although the stock market liked it, Walter Russell Mead thinks that it reflects badly on the ability of European institutions to cope with the crisis.  Mead writes,

"Europe’s institutions cannot cope.  Decades of building intricate rules and complicated institutions have failed to create an institutional architecture than can resolve basic disputes."