Lender of last resort does not imply bailout

The “markets” are demanding that ECB becomes a “lender of last resort”. Even some very famous economists from across the pond are screaming for the ECB to become a “lender of last resort”. In my view ECB is already one, just not one that matches the new twisted definition. The “markets” are not asking just for more liquidity they are demanding a total bailout of a bad system.