Hussman on the ECB's Purchases of Euro-area Debt

From Hussman's weekly letter:

In this context, consider the ECB's proposed 750 billion euro line of defense. Essentially the ECB is saying "We stand ready to buy as much as 750 billion euros of distressed Euro-area debt in order to defend the euro." Simultaneously, despite the fact that Euro area countries are running large fiscal deficits, the worst being in Greece, Portugal and Spain, the ECB is saying "However, we intend to sterilize this intervention, which will ultimately require that we sell Euro-area debt into the market in order to absorb the euros we create." The only way that both statements can be true is for the ECB to admit "Therefore, we are fundamentally promising to debase the quality of our balance sheet, by exchanging higher quality Euro-area debt with lower-quality debt of countries that are ultimately likely to default."