Let's put the future behind us
Every day that the Eurozone continues to exist, things just get worse. We hear a lot about how terrible the breakup of the common currency will be for everyone, and I agree it will be bad. But people, there are only bad options left. There is no happy way out of here.
The PIGS need, above all, economic growth. Due to the public choice problems that LeBron has recently enumerated, I believe the fastest route to increased growth for them is default and devalue. Let Argentina be your guide.
What "reforms" is Germany going to dictate to the PIGS that will raise growth over the next 3-5 years?
Run free little PIGS, and let the ECB or the individual central banks of France and Germany worry about being LOLR to their crazy banks who believed that Greece had turned into Germany.