This article restates the fact that all the ECB can do is buy time by keeping the system liquid. Buying time in order to finance governments while their economic systems adjust to budget cuts and market reforms is a good idea.
These countries are not reforming their economies. Labor markets are still rigid, and it is very difficult to open new businesses considering all of the red tape. Basically, the current European strategy is to keep the whole dysfunctional system intact while hoping for a miracle to save everything before time runs out. Now, how many Spanish and Italian bonds do you wish to buy for your portfolio?