[P]ortugual, [I]reland, [G]reece, [S]pain
Ireland, Spain, Portugual and Greece need to be kicked out of full membership into the Eurozone. Have a curreny created for the loser part of the Euro zone and set between those governments. They can then cut their labor costs. They will remain a part of the EU but instead a sub bloc of it, perhaps to rejoin when they get their house in order or just maintainan enabled trading partnership with the Union.
Ortho-Catholic Europe is culturally linked anyways, it wouldn't be illogical for them form their own sub bloc.