I have to give a wonkiness warning, but this is indeed very interesting -
A phrase you sometimes hear in financial markets is 'punish the printer.' The idea is that countries that are printing a lot of money will see their currencies dive. But a defining characteristic of 2011 was that markets loved printers. Specifically, countries that were able to print their own money saw their borrowing costs plunge, while countries (even fiscally responsible ones) that didn't have this ability saw their borrowing costs jump.
Hit the link for the chart, and the rest of the short explanation -