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PIIGS and PIGS are acronyms used by international bond analysts, academics, and by the international economic press that refer to the economies of Portugal, Italy, Ireland, Greece, and Spain. When rendered as "PIGS", the "I" usually refers to Italy. Because of their offensive connotations, some news and economic organisations have denounced or banned the use their use.
History
[edit]The acronyms have long been used by bank analysts, bond and currency traders dating back at least to the period of the ERM and are used by some analysts, academics and commentators as a concise way to refer to the Eurozone countries of southern Europe noted for similar economic environments.[1][2][3][4]
Controversy
[edit]The term has been actively denounced as an pejorative by the Portuguese Finance Minister,[5] and some members of the Portuguese and Spanish speaking press.[6][7][5] Members of the Spanish economic press continue to use the term of art in its narrow and restricted economic sense as a grouping acronym like the related BRIC.[8][9][10] Others however, notably the Financial Times and Barclays Capital have banned the term as "insulting" and "offensive", respectively.[11]
See also
[edit]- European Central Bank
- Enlargement of the eurozone
- Globalization
- Union for the Mediterranean
- Public debt
References
[edit]- ^ http://books.google.de/books?id=itGoAAAAIAAJ&q=pigs+portugal+italy+greece+spain&dq=pigs+portugal+italy+greece+spain&cd=3
- ^ http://www.goldseiten.de/content/diverses/artikel.php?storyid=2576
- ^ Von Reppert-Bismarck, Juliane (July 7–14, 2008). "Why Pigs Can't Fly". Newsweek.
{{cite news}}: CS1 maint: date format (link) - ^ "Ten years on, beware a porcine plot". The Economist. June 5, 2008.
- ^ a b Robert Holloway (September 15, 2008). "Pigs in muck and lipstick". AFP. Cite error: The named reference "portafolio1" was defined multiple times with different content (see the help page).
- ^ J. Ramón González Cabezas (25 January 2009). "La recesión acosa al euro". Lavanguardia.es.
- ^ Federico Jimenez Losantos (16 September 2008). "Financial pigs". Elmundo.es.
- ^ "La web de Roubini propone la solución para los PIIGS: euro fuerte y euro débil".
- ^ "Japón, Francia, Reino Unido, EEUU y PIIGS, los más vulnerables".
- ^ "Krugman atribuye problemas de España a falta de unión fiscal y laboral en UE".
- ^ {{cite web |author=James Mackintosh "STUPID investors in PIGS". ft.com. 5 February 2010.
External links
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