I think that is what they are doing. No? 

The ECB lent 489.2billion Euro to 523 banks @ 1% for 3 years to allow them to buy sovereign debt paying 5%. 

Just who and what is this sovereign debt? 

I am guessing that this sovereign debt is any debt on the bank books of government origins.  Yes ?

Just kicking the can down the road hoping growth/inflation will grow them out of their current debt. Yes?