The PIIGS, are perhaps better known as that friendly, "lets-party!" group of nations, Portugal, Ireland, Italy, Greece and Spain. Like us, they blew all their money on "Services" while letting those boring old manufacturing industries wither on the vine.
Luckily though for the bankrupt PIIGS, they have their bosom buddies in dear old Deutschland. Kindly Angela Merkel will no doubt chastise the errant Europhiles, but she is always there like a good auntie, ready with the credit card.
To be fair though, this is only reasonable. After all, it is the Germans who enjoy all that slave-like dedication to work, over-time and hard labour. The Germans can get on with their toiling. Meanwhile the PIIGS can do what they are truly superb at doing, and all they need to do that, is a nice new credit card from the Bundesbank.
I keep telling my oily rag German friends, "You know it makes sense".
I tell them that in fifty years time we can all look back on this and laugh.
For some reason though, at the moment, they do not seem to be particularly amused.