Bond Vigilantes Make Their Votes Known in Europe

"There is a significant disconnect between the every person has a vote doctrine of representative government and the blunt collective power of money and markets. Most of the time this disconnect is hidden and doesn’t really matter. In times of crisis, as we have seen in Europe, it can become the only thing that matters, overshadowing coalition governments, parliamentary squabbles, constitutional prohibitions and all the rest."

http://blogs.wsj.com/economics/2011/11/23/bond-vigilantes-make-their-votes-known-in-europe/