I believe the European Central Bank and other strong nations in the Europe will not allow those nations to fall. They have a great incentive to keep those nations stable and fiscally sound since all the nations are tied to the same currency the Euro and they are all hurt when one of the members in the EU is having trouble.
Economic downturns followed by upturns are a common feature of economics since modern system inception. When some economies go south or even crash, it is common for others to be affected in some way, but there are generally some protections against a rippling shockwave of economic failure that simultaneously affects several countries at once.
I think that the remaining PIGS' economies will not fall. The economies of a lot of the European countries are too intertwined for some of the nations to fail. I do think some of the nations will face some troublesome times, but overall, they will all by okay due to the fact that the countries in Europe will prevent each other from falling.
Members of PIIGS (Portugal, Ireland, Italy, Greece and Spain) will no longer fail because the Euro Zone learned its lesson with austerity measures related to the Greek government and Spain's bailout. Although the other economies aren't great, Italy is still there as one of Europe's stronger economies despite recent turmoil in the prime minister's office.
No, I think that they will find a way to keep their little organization up and running and that they will not have it fall all of the way. I think that there are a lot of things that they could do to make sure that it stays up and going.