Tyler Cowen has two insights.
I like his analogy where he compares the PIGS to leaky vessels. As he notes, just throwing money at these countries is not going to help. Given their high liabilities with foreign counterparties, its not clear that this mechanism will create a virtuous cycle of growth.
Second, he makes a case for a pan-European debt settlement and resolution mechanism. The concern here is that this will eventually lead to fiscal consolidation across Eurozone economies and a concomitant loss of national sovereignty.