a possible scenario ?!?, page-16

"To say that "A good chunk of QE2 was used to bailout Euro countries via IMF" requires quite a bit of imagination."

Soon after the launch of QE2 there was a sharp increase of foreign bank reserves.
have a look at
http://www.zerohedge.com/article/exclusive-feds-600-billion-stealth-bailout-foreign-banks-continues-expense-domestic-economy-

Euro has a monetary union without fiscal union, in which the weakest link(PIIGS) enjoyed the credit rate of strongest(germany) and thus weakest link enjoyed cheap credit driven growth without any real productivity increase, There is a massive gap in productivity level between Weakest and strongest in euro, For this union to sustain this gap has to reduce significantly which is extremely difficult if not impossible under current situation of over debtness. I am not sure if this union can sustain without dramatic structural change in its design

I won't be surprised if the latest eurobond experiment requires PIIGS countries to offer thier gold as a collateral.
ESF is a bit of joke when you put italy's debt in spotlight and now there are doubts even about france debts.