First read this fine article by Soothscribe Emeritus Ambrose Evans-Pritchard on Angela Merkel's desire to prevent German pearls being cast to the PIGS. Actually that's PIS, because Greece, the most irresponsible of the lot, has been encapsulated.
Then consider the exquisite irony of leftist governments with a redistributionist agenda racking up debts that involve them paying a sizable proportion of their tax revenues (and that's just interest - bail-outs come on top) straight back to the same "greedy capitalist fat-cats" they claim to have been redistributing away from.
Of course they all know they're doing this, which is the ultimate illustration of there being no ideological foundation to their activities. It's just populism with the sole aim of acquiring and retaining power long enough to walk away rich.
If we were in the Euro it would be PIBS. Hi Tony!