The PIG cuts (not the Spanish - yet) have been forced on them by the EU/IMF - unlike the voluntary cuts our Government is having to make to prevent such drastic action at a later stage.
You have yet to 'recant' on your statement of growing unemployment (it shrunk in the last quarter) and reduced consumption (we are in positive growth).
You also haven't told us about your inside info from the BoE about the expected interest rate hike.
Finally the 'I' in PIGS is for Ireland. There are far more interesting areas of debate about the current Italian Government and their PMs pecadilos.