Greek relief

NYT JACK EWING and DAVID JOLLY:
"... Investors enthusiastically snapped up Greek short-term securities on Tuesday after European Union leaders pledged to stand behind the country’s debt.Greece sold 1.56 billion euros ($2.12 billion) in high-yield debt that effectively carries a European Union guarantee.Investors bid 3.9 billion euros on Tuesday for the 600 million euros of 52-week Treasury bills, the Greek Public Debt Management Agency said, meaning the offer was oversubscribed 6.54 times. An auction of 26-week bills, also seeking 600 million euros, drew bids totaling 4.6 billion euros, for an oversubscription ratio of 7.67. The demand allowed Greece to sell 780 million euros of bills in each auction..."
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Comment: There is no such thing as leaving the euro zone. The project is political, not economic. If you leave, you not only lose economically, but you're lost politically as well. The euro zone is the means, not the end. The end is a political union. Most commentators get it totally wrong. They seem to believe that in order to form a monetary union, one needs a political union. The euro project is different, actually the opposite: the monetary union was installed in order to achieve political union. In this sense, the Greek crisis has brought the project a huge step further, and not backwards, as most analysts claim it to be. The euro zone has moved closer to the formation of a true political union -- whether you like it or not.