Simply NOT addressing the real problem, and of course the REAL solution.
The problem is NOT the huge debt, is NOt the corruption, the bad political behavior, these are certainly problems and make it worse.
But the REAL problem is the Euro.
Imagine China decided to leave the Remimbi or Yuan and use the Euro.
How long would their economic boom last?
And so, the solution for the PIIGS is quite clear.
The big mistake was using a strong currency with a weak economy and the ONLY solution is going back to the weak currency.
Just like China, if you mainly compete with the price, the moment you loose your main weapon, your economy is finished.