EU Should Just Purchase on Open Market

It is confusing to me when the EU begins talking about making $600+ billion available. If they are going to lend this money to the respective governments -- then they are just transferring big profits to the speculators.

EU (and US and Asian countries) should just begin purchasing Greece (and other PIGS) notes/bonds at discounted prices -- then purchase new issues as required by the respective governments (at market interest rates -- rather than subsidized ones).

This is largely what the US Fed has been doing -- and has made money in the process.

In Europe -- this would certainly help the PIGS countries, the Euro, and the global community that provides liquidity for the PIGS countries.

Seems like a pretty simple solution to me. Would doubt that they need $600 billion -- if they went this route.