IMHO PIIGS should be left to fail or let out of the Euro. This will basically give them space to easily deal with their debt issues. Austerity does not work with sovereign countries when forced down their throats as history always proves this right. The only loser in all this at the end will be Deustcheland, the British were bright enough and kept their currency.
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary