The bond markets will have their say. They have voted in Europe — electing new governments in Greece, Italy and Spain — and the time is fast approaching when they will cast their vote in the US as well.
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The problem is that there is no real choice…
Do you mean that as the problem with democracy in general or just the Eurozone?
The problem is specific to Westminster-style democracies. Politicians able to borrow from future revenues to fund current spending seem unable to resist, resulting in snow-balling debt levels. Sanity is only restored when bond markets, concerned about government ability to repay, effectively refuse to fund further deficits. The result is a period of harsh re-adjustment, often accompanied by voter revolt as witnessed in Europe.