If interest rates really rose to the level they were 5 years ago, then some states would become insolvent.
a) I did not claim that.
b) Even the PIIGS generate higher tax revenues today than in the years 2009 until...
So I don't see rising interest rates as that unrealistic, at least not up to 2,xx% or maybe just under 3,xx% for 10-year covered bonds.
Despite the ongoing QE of the ECB, interest rates have already risen since mid-2017.