Welcome to the EU government bonds market.

Bankrupt countries pay back bonds by printing new bonds. Last buyers: bag holders.

I really wouldn't want to play the game they're currently starting. EUR inflation is at its limit before a feedback may hit all bond interest rates, however, Italy and Spain are at the limit of destabilizing their rates because their finances are too bad. Now the ECB tries to buy just the right amount with newly printed money to walk the edge. But with each further mistake or inefficiency of the participating governments, the path grows narrower. And these "inefficiencies" might even be of short-time advantage for the governments in question, possibly causing a Tragedy of the Commons in which the debt increases further.

An attempt to solve the problem with printing money. No, I really wouldn't want to play it like that. These people are either too good at this for me to understand their plan, or they're just not giving a shit anymore. My guess is the latter, politicians never gave a shit before.

Let's see who the bag holders will be. According to interest rates, the market does not consider banks any safer and has already switched from making profit to limiting losses. Some big deals have negative yields even before inflation is factored in.