Presented with little comment aside to ask, WTF?
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It seems there is a lesson here for all... push your unemployment rate to record highs, loan delinquencies to record highs, and depress your people to record high suicide rates... and voila... low cost of funding is guaranteed (surely there is a recipe here for Ukraine or Turkey or...)
Oh, and you absolutely must have a central banker with a 'promise pony'.
As we anxiously await the outcome of AQR (Europe's Stress Test) we can only imagine the bloated balance sheets of European banks stuffed with the domestic bonds that the crisis has now created and made the entire banking-system-sovereign-stress relationship inseparable.