Basically, it seems that EU countries are addicted pathologically to debt. As soon as they try austerity, aimed at reducing debt, they feel the pain of reduced growth. It's too much to bare, so governments resume stimulus packages, feeding money into the system. This produces growth, but only of the artificial sort. That growth is fueled by debt.
And so it goes. Despite staggering debt, it just keeps mounting. Governments have recently made their intentions quite clear - expect more of the same. Don't expect interest rates to go up any time soon, either. Governments will keep them low in order to make their debts more manageable.
Whether that will lead to the break-up of the Euro, I don't know. Perhaps Germany should ask itself if the EU is so important that it is willing to prop up every other country in order to sustain it.