About EU Rescue Package
Still, the €700 billion or so now specified should probably be sufficient. If the panic subsides, then only a small fraction of it (or even nothing at all) will have to be actually exercised (Because if for example Portugal and Spain can borrow at a cheaper rate in the bond markets, there will be no reason for them to tap into any of the pledged €700 billion). But even if it doesn't, this amount should be sufficient for at least the coming year and probably even longer. So it was clearly a big step in the right direction.
In addition to that, the ECB now opens up the possibility of it buying government bonds, something which will improve the odds that the panic will subside.
One question is whether this is inflationary or not. The answer to that depends on whether or not the ECB keeps its pledge to "sterilize" these purchases or not. If it does, then it will not affect the size of the monetary base and thus not be inflationary. If however it doesn't keep this pledge, then this action will indeed increase inflation.