It seems that we are reaching a critical point with sovereign spreads blowing out and markets beginning to unravel. The ECB will have a simple choice in the coming days a) buy like mad OR b) allow the system to melt down.
I believe the ECB will choose to buy like mad. Italy heeded the ECB by passing austerity measures and putting Mario Monti in charge. Greece passed austerity measures and backed off their referendum. Everybody did what was asked of them. The ECB has no excuse not to step in. Have a good night.