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Nick, the semantics of circular imports aren't clear even if no 
packages are involved.  Note that the Reference manual is 
silent about such cases.  In effect, it's defined by the 
implementation, and some people think they know how that 
works -- although nobody has credibly claimed to fully 
understand the implementation consequences since Gordon 
McMillan vanished <0.5 wink>.

While I expect this bug report to sit here for years (it's hard 
to imagine anyone caring enough to devote the time needed 
to untangle this subsystem), I'll note in passing that this 
case "works" if bar.py uses relative import instead; i.e., if it 
begins with

import baz
y = baz.y

instead of with

import eek.foo.baz
y = eek.foo.baz.y

Then it stops referencing attributes that don't exist before 
the whole chain of imports completes.