Euro bond bailouts didn't bend the interest curve.

In Europe, the "periphery" is roughly the same as PIIGS.
In the world picture it includes about 20 countries
as defined here.

The European Central Bank bought the bonds of weaker members (blue lines are buys). The red line says the ECB wasted EUR 74 billion while the average rates doubled.  The EFSF (European Financial Stability Facility) is set to repeat a failed policy, possibly buying all the PIIGS debt.   Opinion and chart at Zero Hedge.

Detail at Seeking Alpha.  Three year yield curves for individual PIIGS.