You might want to go back to the people who taught you "Econ 101" and ask for your money back.)
Greece faces a rise of its bond yields because it does not have control over its monetary policy. It's basically a multiple equilibria story. There is the good equilibrium in which bond yields are low and if enough people believe that a country might default on its public debt and act on this belief we can trend towards a bad equilibrium with increasing bond yields.
Normally this can be prevented by the central bank via the commitment to buy public bonds (of course not directly from the treasury but on secondary markets). It does not necessarily have to imply actions, the mere commitment should prevent the speculative attacks mentioned in the previous paragraph.
In Europe the ECB only started to play the role of lender of last resort at the end of last year .. and guess what, bond yields all over Europe stabilized.
Wanna still go on ranting about the welfare state and pretend that you have any idea what you are talking about?