This is the bottom line. Spain is running out of money. When it does, some sort of bailout will be necessary. It will be politically challenging to get taxpayers to ante up for another bailout, so the path of least resistance is debt monetization. The ECB will print to save Spain, and this printing will not stop until the system crashes.
The Bundesbank is playing the role of sober, German bankers for the benefit of the German public. Merkel has the real power, and she believes in the cult of the euro just like all European elites above a certain age.