The bailout of Greece takes shape

March 5 (Bloomberg) -- European Union nations are working on a contingency rescue plan for Greece to be funded by its member governments, according to two people briefed yesterday in Berlin by an EU official.
The briefing, coming the day Greece sold 5 billion euros ($6.8 billion) of bonds, underscores the balancing act facing European officials as they prod Greek Prime Minister George Papandreou to cut the biggest EU budget deficit without their committing funds. Papandreou, who today began meetings in Luxembourg, Berlin, Paris and Washington, has to contend with protests at home against his tax increases and spending cuts.
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Comment: The "euros", knowingly or not, are constructing another project in their long history of constructing projects. Of course, in the end they will fail also with this new project, just like they did with all of  their past projects. Nevertheless, as to their latest project, a European "Union" and a "common" currency, we are only at the beginning of a much greater project. Across the whole political spectrum (exept of some pissers) there is a consensus that the euro show must go on.
The EU and the euro are history in the making -- and they are history in the making on a big scale.
Quite often is said that the EU and the euro won't work because of the lack of political union. These commentators get it all wrong: an ever closer EU and the common currency are the means in order to bring about a political union. This way each crisis, like the present one, will not bring a break-up of the EU but on the contrary, crisis like the current Greek crisis will serve as stepping stones for an ever deeper union. At the end of the current crisis, we'll see a stronger union fortalized by the creation of new institutions such as, for example, a kind of European Monetary Fund (EMF).