They have just come out today (Gonzalez-Paramo) and said that they will publish the details of how they'll be sterilising the bond purchases next Tuesday. That look like monetization to you? At the same time, Spain came out yesterday with additional austerity measures (5-15% cuts in civil servant wages and pay freeze for 2011; pension freeze; cancellation of child tax benefit; this is on top of the already announced VAT hike). Today Portugal announced that they're raising retirement age, scrapping infrastructure projects (new airport and high-speed rail), cutting senior public servants' wages by 5%, as well as lifting VAT and income taxes. I'd say they're doing the right thing, so I, personally, am willing to give them a chance.