What policy makers did to the tax payers in both PIGS and rich economies

Germany has a bigger debt as a percent of GDP than Ireland, Portugal or Spain. Meaning they have spent more than they collected in taxes, so they did a worse job than those countries. If German productivity was as high as they believe, why their debt was higher? Something doesn't not make much sense.

And still rating agencies like German bonds but  the answer is not obvious as some people think. Selling goods involves producers but also buyers. This was very well known by Americans after the end of WWII when they created the Marshall plan to rebuild Europe. the difference is that most Western Europe used the money not only to buy american goods but to rebuild their own industries. Something that policy makers in the EU never approved.

The resulot is that in the end German (and other) banks lended billions to Greek companies (public and private) and this money was used to buy German exports.  And German (and Greek, and Spanish) tax payers are supposed not only to bail Greece out but to bail German banks out. This might not make sense for you and me but it makes all the sense for the so-called bond vigilantes.

As for Japan, it is not the same as with Germany. Despite its high productivity it has been for many years a victim of the same birds of prey. Very recenly Japan has been under the menace of Moody's and  S&P.

Somebody recently told me that he read that "wealthy Greeks are sending their money to places like Cypress and that they  are deceitful ,self interested buggers - ready to rob their own country and then flee". Come on, you can change "Greek" by "German" and the same is still very true.

What bond predators want is that tax payers pay to bail out banks and that wealthy people benefit from lower taxes, regardless of living conditions of the majority of the people,just as in the Third World.

Very soon we all we have to carry a gun with a holster to walk down the streets. Then rich men will ask for more police (apparently the only social spenditure they approve) but who is going to pay for it? Some government minister of culture of Brazil called crime 'the tax of the unequality' (i.e. the price rich people have to pay for living in an unjust society).