Since bug #479574 was resolved, older app-shells/bash are installed in distinct SLOTs. The resulting /bin/bash-${SLOT} executables that these older ebuilds install should not affect sys-apps/portage, and yet the portage ebuilds maintain a complex set of version based (instead of SLOT based) dependencies and pointless blockers to ensure a sane /bin/bash is available. After installing an older app-shells/bash SLOT, sys-apps/portage no longer resolves its dependencies until the older SLOTs are removed again.
OK, I made it "app-shells/bash:0[readline]" I've bumped 2.2.8-r1 to r2 and changed 9999 and 2.2.14_rc1. 2.2.12 will likely be removed soon with a 2.2.14 final release.