But that is also why the inflation figures don't move...

True at a limit which the European Periphery is far from reaching. Direct payments via OMP to the unemployed and similar direct payments to finance medical services in Greece and Portugal could be made to a significant percentage (20-40%) of current GDP in those countries without producing inflation - right up to the point where there begins to be wage push inflation. What is being done now is simply the imposition of gratuitous suffering due to (charitably) rigidly and almost religiously clinging to irrelevant economic and monetary views.  

"It is not necessary to have hope in order to persevere."