The fact that both stock markets and his European colleagues have reacted with horror to George Papandreou’s pledge to hold a referendum on the latest rescue deal for Greece is not, in itself, proof that the Greek prime minister has blundered. Months of popular protests are ample proof that the Greek population is having trouble swallowing the bitter medicine that the European Union has prescribed.

The Greek government and the European project are suffering from a crisis of legitimacy. A popular vote on the package might allow the Greek people to believe that they are not merely bystanders and victims in the crisis.

That said, Mr Papandreou’s sudden pledge to hold a referendum is a mistake. The Greek people deserve to have their say on the crisis. But a better way of fostering public debate would be to hold an election.