Here's an account. It is rather incomplete, but it gives some insights. For simplicity, and because it is originally in Portuguese, I include the picture below in this post. The conclusion is that they are doing something, and except the unavoidable tax hikes, the reforms seem to be quite positive for productivity, savings and growth. Hopefully some of these reforms will be permanent...
I will also try to see if I can find the links to the Stability and Growth programmes that these countries submitted to the European Commission.
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(This is a late addition to the original post)
For another overview of the situation with the PIIGS, here's what The Economist has to say.
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