There are small signs that some of the PIGIS are taking steps in the right direction, they help themselves. Euro governments & banks that can't raise funds via markets are turning to citizens & customers instead. Not new - Australians have done it before:
There is no need to undermine the ECB's independence by changing its charter to become the 'lender of last resort' to faltering EU sovereigns (PIGIS).
The ECB already has authority to maintain liquidity in the financial system, but its charter doesn't include 'printing to save Greece or Italy'. Yes, it can purchase limited (underlined) amount of bonds in the secondary market (underlined i.e. paying market prices) and sterilise its purchases.
It is the function of the ESFS & IMF to raise money for the countries that lack capital market access.
