Circular commitments lead to a Ponzi economy.
If the ECB announces that it is willing to lend, in unlimited amounts, to peripheral governments and to the European financial stability facility then the immediate crisis is at once “solved”. But at what cost?
If governments stand behind banks and banks stand behind governments and the central bank lends freely to both and also underwrites financial markets, then financial asset prices become completely detached from economic reality.
Observing Hermann 
The title is inspired, but you are one sick puppy for thinking that up.
Yet at the same time the same lot “would never tolerate another Lehman”-like failure. What the hell do they want? It’s either more catnip thrown at the collective wallet, or they allow some people to go under.