I am every time astonished by the low level of analysis of this kind of situation and how dogmatic is the explanation : too high taxes, too much regulation.
First of all taxes can seen as an investment of the citizens for better life. So the problem is not the high level of taxes, but how they are used and in what purposes. Certainly, PIGS should optimize many processes and promote initiatives ( business but also social....).
Remember that PIGS are the most impacted by migration now.
Remember that most were dictatorships many decades ago and have not the same foundations of democracy and economic prosperity than other countries.
Remember that many young people that could create jobs just moved in others countries and didn't come back.
Remember that you don't have the same impact when you are poor than when you rich. We you are poor you look for more immediate results because it is a matter of life.
Remember the role that play mafia/corruption/ criminality, especially the white collar one!!
I don't think the Euro has a so big impact and there are plenty to doin order to reach a good growth.
However the growth is the result of wise and pragmatic moves which can reach a 2% per year in long term ( according to Angus maddisson from OECD). But it is the good decisions and actions that provides efficiency and so growth, not stupid and blind cut in budget.
For OECD , the top down approach of spending money is always bad ( Keynesian approach), but the top down of saving money is ever good. What an hypocrisy which can influence a policy that can destro many life's.