What Greek Ex-Finance Minister had actually suggested, is that his country pay an increased sum of money back, but over a longer time period, enabling the economy to grow over time. The creditors refused. When Prime Minister Tspiras announced a referendum would take place, the creditors were absolutely furious. Democracy is not something they understand. But this was a historic referendum result, for it revived that <> idea of democracy in a Europe now controlled by shady financial institutions and faceless international creditors.