``The argument is always that it's all about winning time. Time that would allow the financial markets to settle down. Time that would let the debt-ridden PIIGS states (Portugal, Ireland, Italy, Greece and Spain) implement stringent cost-cutting measures. Time that would make it possible for the euro zone to reform its institutions and rules -- and perhaps even let Greece default without having the entire euro immediately implode. But is all that money really well invested? And will the time it has bought also be put to sensible use?''

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