The Spanish debt-drama shows that Europe is in Zugzwang - a situation in chess when there is no useful move - every possible move will make the situation worse. Europe has fallen in an uncontrollable state, after it became clear that the money-print solution does not work. In an attempt to stop the debt crisis European Central bank printed 1 trillion euros and this way succeeded to win some time for the deeply indebted EU governments. But this time was too short - only 2-3 months. Obviously ECB cannot print a trillion euros every quarter to save the bond-market. This price is too high for a just 3 months time. In contrast, the money-print works some better in USA, where they win years with every new QE. But they print dollars - a global currency, while Europe is printing Euros - not so global currency... So now EU is again with increasing interest rates and this time - without the ECB-money-supply-trigger. So in EU the concept of manageable inflation is simply not working. So now EU has 2 choices - hyperinflation that will delete all old debts, or a cascade of government defaults. Zugzwang...