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El Oh El … ECB is already giving early signals of capitulation :

European Central Bank announces emergency meeting to discuss market rout

We are a weak society friends. I am embarrassed to be a 21st century human. If our ancestors are up in the heavens they are surely looking upon us with disappointment. Future generations will know us as the weakest, sickliest of our kind.
 

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The issue is a more nuanced. Within the bloc the spread between rates of different countries sovereign debt has widened because of the different riskiness of some countries (eg Greece, Spain versus Germany). They need to keep the spread under control or the Euro will be no more. Expect measures to control the spread, not an about face on tightening.
Yes, fair enough -- one could say this planned "anti-fragmentation instrument" to save Italy and friends is a measure to save the eurozone. The core of it in my view of things anyway is still overindebted sovereigns and unwillingness to accept the austerity needed to repay the debt. Instead, they will socialize the losses through "not QE" and the release valve will be debasement of the euro.
 
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