The European Central Bank and the International Monetary Fund are both broke as is Italy, Greece etc etc.
When you print money as a Government ( QE ), you are not dealing with the problem of debt, you are pushing the problem along the line and eroding value of what is left and of value. It may be that by buying banking junk bonds to keep them from going under means you just have to print more and more money how can that be healthy sensible economics.
A Man that knows more than most says of the EU banking system,
The central bank already holds over €1 trillion of bonds bought at "artificially low" or negative yields, implying huge paper losses once interest rates rise again. "An exit from the QE policy is more and more difficult, as the consequences potentially could be disastrous," he said.
"The decline in the quality of eligible collateral is a grave problem. The ECB is now buying corporate bonds that are close to junk, and the haircuts can barely deal with a one-notch credit downgrade. The reputational risk of such actions by a central bank would have been unthinkable in the past," he said.http://www.telegraph.co.uk/business/2016/10/16/euro-house-of-cards-to-collapse-warns-ecb-prophet/