Of course, those who buy early are buying insurance, so they think.
Their only hope is that these Sovereigns survive over the long term.
Many of them will not.
What all of these Bond holders are looking for is a place to park CASH in anticipation of a Debt Deflation. Not hard to do on a small individual scale (currency under your mattress), but very difficult at a macro level.
"This so-called deflationary spiral is the bane of central bankers. It is a consequence of having a highly leveraged financial system pyramided upon government debt. For worse or for better, this is the system that exists."
The entire world financial system depends upon taxpayers and voters in a few countries continued willingness to pay the public debt, when they are the producers and everyone else parasitic.
Sovereign Currency collapse, banking collapse and debt deflation are certain. Only the timing is in question.
And the date range continues to narrow.