Not really on the topic of the S+P 200 Index but I think this link may shed a slightly contrarian view on what you may consider a non issue in regards to the PIGS there SSkim. I myself dont know enough about economics to give any real insight into how accurate this is but these guys go into a lot of depth and have been rather accurate with their predictions :
http://www.stratfor.com/weekly/20100208_germanys_choice?utm_source=GWeekly&utm_medium=email&utm_campaign=100208&utm_content=readmore&elq=11e01445d9b14b5da08b7c076c26277f
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tangrams tuesday, page-68
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