The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.Updated with new information on Greek referendum. NEW YORK ( TheStreet) -- Greek Prime Minister George Papandreou has rejected pressures to resign, but officials close to the leader expect him to scrap plans for a national referendum on the European bailout for Athens' finances. Sadly, Socialists inside the fragile governing coalition and Continental political elites decided democratic decision making is a threat to their designs for One Europe. Democracy be damned! Papandreou's concession came after Socialist Finance Minister Evangelos Venizelos split with the coalition raising the likelihood a vote of no confidence would succeed. And President Nicolas Sarkozy, Chancellor Angela Merkel and other leaders publically challenged Papandreou to unconditionally accept the bailout. They see a referendum threatening their cherished euro. This false obsession with a single currency places at great peril the welfare of Greek people and their democracy.