Much has been written about the debt levels of the PIGS (Portugal, Ireland, Greece and Spain). THere is not a half decent blogger/economist who has not predicted their collapse.
Here is another angle.. Compare the PIGS against the BAM... (Brazil, Argentina and Mexico)
Look at this chart... Manufacturing labor costs ..I added the US and Germany for reference.
Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2010