glad that you mentioned the setup. it could be a few different possibilities, check them to see if any hits the nail:
1) most likely, the euro BB cup has cracked/ crossthreaded in the frame. this would explain why the BB locks up when rotated in one directio nand unlocks in the other
2) unlikely, BBs themselves are shot. since they're just axial rotating bearings, it's unlikely that they'd seize up in a particular direction. but if the cups have cracked and you have pedalled to realise there're problems, the bearings are likely to have been damaged already due to their small sizes
3) have a look at the chainring bolt on the crankarm, when you rotate the cranks, does it keep itself a safe distance from hitting/grinding anything? it could be hitting something. specially if there're not enough spacers between the chainring and the BB
4) chainring - is the chainring itself nice and straight? is it aligned in the cranks properly? you can check by rotating the cranks and see if the teeth follow the rotation in a striaght line
5) are u using the converntional euro BB? if you're using things like ISIS or other axle/bearing systems that fit a euro BB frame, it could be that.
hope you can find out and fix it soon