PIGS (economics)
PIGS (also PIIGS[1]) is a pejorative acronym used to refer to the economies of Portugal, Italy, Greece and Spain. Since 2008, the term has included Ireland, either in place of Italy or with an additional I.
Originally, the term referred to Portugal, Italy, Greece and Spain, which were notable as similar economic environments. Since the European sovereign debt crisis, with the addition of Ireland, the term is used to group European economies facing particular financial crisis. Some news and economic organisations have limited or banned use of the term because of criticism regarding perceived offensive connotations.
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[edit] History
The term has been used since at least the mid-1990s[2] as an epithet[3] referring to Portugal, Italy, Greece and Spain noted for similar economic environments.[4][5] The term became popularized by the wider media during the European sovereign debt crisis,[6][7][8][9][10][11] alternatively used as a shortform for Portugal, Ireland, Greece and Spain. [12][13][14]
The term was denounced as a pejorative by the Portuguese Finance Minister in 2008.[15] Members of the international economic press continue to use the term.[16][17][18][19][20][21] However, some organisations, notably the Financial Times (FT) and Barclays Capital, have restricted or banned[22] the term.[23]
[edit] Variations
With the onset of the Financial crisis of 2007–2010 several variations appeared.[24] When rendered as PIIGS[25][26] some commentators added the additional I for comparative purposes to include Ireland from the 2008–2010 Irish financial crisis, with alternatively the I which originally referred to Italy occasionally becoming an interchangeable reference to Ireland[27] by some during this period. Other forms in use are GIPS, [28] GIPSI,[29] and GIIPS.[30] A variant with three Is, PIIIGS also has been used, where the three i's represent Italy, Ireland, and Iceland.[31][32] Additional permutations gained prominence during the 2009 United Kingdom bank rescue package period and into the 2010 European sovereign debt crisis as some commentators used numerous variations such as PIIGGS[33][34] which includes the United Kingdom (Great Britain) for assorted political, economic, or social reportage and editorial commentary.[35][36][37]
[edit] See also
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Look up PIGS, PIIGS, PIIIGS, PIIGGS, or GIIPS in Wiktionary, the free dictionary. |
[edit] References
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This article uses bare URLs for citations. Please consider adding full citations so that the article remains verifiable. Several templates and the Reflinks tool are available to assist in formatting. (Reflinks documentation) (May 2011) |
- ^ Hugh, Edward (Dec 16, 2009). "Is Austria Set To Join The Honourable Company of PIIGs?". Roubini Global Economics. http://www.roubini.com/euro-monitor/258138/is_austria_set_to_join_the_honourable_company_of_piigs_. Retrieved 17 May 2011.
- ^ German Google books
- ^ Daniel Vernet (24 April 1997). "L'Allemagne au coeur du débat français". Le Monde. http://www.lemonde.fr/cgi-bin/ACHATS/260035.html. "que l'argot communautaire a affublés d'un sobriquet peu élégant dans sa signification anglaise : « pigs », pour Portugal, Italy, Greece, Spain."
- ^ Dean J. Kotlowski (2000). The European Union: from Jean Monnet to the Euro. Ohio University Press. ISBN 0821413317. http://books.google.com/books?id=0PRQXJb5I8cC&pg=PA36&dq=%22pigs%22+portugal+italy+greece+spain&lr=&cd=18#v=onepage&q=%22pigs%22%20portugal%20italy%20greece%20spain&f=false.
- ^ Philip Arestis, J. S. L. McCombie, Roger William Vickerman, A. P. Thirlwall (2007). Growth and economic development: essays in honour of A.P. Thirlwall. Edward Elgar Publishing. ISBN 184376878X. http://books.google.com/books?id=qy38NH70qAYC&pg=PA185&dq=%22pigs%22+portugal+italy+greece+spain&lr=&cd=23#v=onepage&q=%22pigs%22%20portugal%20italy%20greece%20spain&f=false.
- ^ Goldseiten
- ^ "Greece and Ireland show best returns". Investment Adviser. March 15, 2007. http://www.highbeam.com/doc/1G1-163612493.html. "In general, the weakest EU economies, called PIGS (Portugal, Italy, Greece, Spain), are best avoided in the near term. In recent times Ireland has also been associated with the PIGS countries and the acronym has been modified to become PIIGS. However considering Ireland's public debt as a % of GDP, it is an unfortunate comparison."
- ^ A Portugese university
- ^ Von Reppert-Bismarck, Juliane (July 7–14, 2008). "Why Pigs Can’t Fly". Newsweek. http://www.newsweek.com/id/143665.
- ^ "Ten years on, beware a porcine plot". The Economist. June 5, 2008. http://www.economist.com/opinion/displaystory.cfm?story_id=11496844.
- ^ [1]
- ^ Paul Krugman (11 January 2011). "Geography Lessons". New York Times. http://krugman.blogs.nytimes.com/2011/01/11/geography-lessons/. "now they’re telling us that Spain isn’t Greece, Ireland, or Portugal; soon the Belgians will be improving our spelling, telling us that there’s no B in PIGS."
- ^ Amanda Vanstone (3 October 2011). "Governments are addicted to spending beyond their means". Sydney Morning Herald. http://www.smh.com.au/opinion/politics/governments-are-addicted-to-spending-beyond-their-means-20111002-1l3q2.html. "In Europe, the problem with the PIGS (Portugal, Ireland, Greece and Spain) debt has been understood for some time."
- ^ "Europe's PIGS: Country by country". BBC News. 11 February 2010. http://news.bbc.co.uk/1/hi/business/8510603.stm.
- ^ Robert Holloway (September 15, 2008). "Pigs in muck and lipstick". AFP. http://blogs.afp.com/?post/2008/09/15/Pigs-in-muck-and-lipstick.
- ^ http://www.hrima.gr/article.asp?view=1131&ref=1114
- ^ http://www.cotizalia.com/en-exclusiva/2011/mario-draghi-presidente-bce-sorpresa-20110430-68049.html
- ^ http://www.eleconomista.es/mercados-cotizaciones/noticias/3003903/04/11/La-cruz-que-carga-Espana-por-Grecia-no-se-hace-mas-pesada.html
- ^ "La web de Roubini propone la solución para los PIIGS: euro fuerte y euro débil". http://www.capitalmadrid.info/news_links/364#googtrans/auto/en.
- ^ "Japón, Francia, Reino Unido, EEUU y PIIGS, los más vulnerables". http://www.libertaddigital.com/economia/los-paises-mas-vulnerables-japon-francia-reino-unido-eeuu-y-piigs-1276384385/#googtrans/auto/en.
- ^ "Krugman atribuye problemas de España a falta de unión fiscal y laboral en UE". http://www.abc.es/agencias/noticia.asp?noticia=263810.
- ^ http://ftalphaville.ft.com/blog/2010/02/05/142451/anything-but-porcine-at-barcap/
- ^ James Mackintosh (5 February 2010). "STUPID investors in PIGS". ft.com. http://blogs.ft.com/ft-dot-comment/2010/02/05/stupid-investors-in-pigs/.
- ^ http://www.na24.no/article2908474.ece
- ^ Martin de Sa'Pinto (2010-01-15). "Hedge funds to favor BRIC not PIIGS in 2010: Lipper". Reuters. http://www.reuters.com/article/idUSTRE60E2OJ20100115. Retrieved 2011-07-24.
- ^ http://books.google.com/books?hl=en&lr=&id=7uaWUCJ2M7wC&oi=fnd&pg=PA5&dq=piigs+bric+&ots=p5F2NYo7By&sig=RfsIwCwS9EnRPCCJbpPLo5R6qbA#v=snippet&q=piigs&f=false
- ^ http://www.businessweek.com/news/2010-02-05/the-i-in-pigs-is-ireland-not-italy-unicredit-report-says.html
- ^ Paul Krugman (2011-12-17). "Chronic Confusion". New York Times. http://krugman.blogs.nytimes.com/2011/12/17/chronic-confusion/. Retrieved 2011-12-18.
- ^ Carlos X. Alexandre (2010-11-15). "2011: The Year of the European GIPSI?". Seeking Alpha. http://seekingalpha.com/article/236784-2011-the-year-of-the-european-gipsi. Retrieved 2011-12-18.
- ^ "JPMorgan, Goldman Keep Italy Risk in Dark". Bloomberg.com. 2011-11-15. http://www.bloomberg.com/news/2011-11-16/jpmorgan-joins-goldman-keeping-investors-in-dark-on-italy-derivatives-risk.html. Retrieved 2011-11-16.
- ^ "Sovereign Fiscal Responsibility Index 2011", TJ Augustine, A Maasry, D Sobo, 2011, Stanford University
- ^ "JPMorgan, Goldman Keep Italy Risk in Dark". Bloomberg.com. 2011-11-15. http://www.bloomberg.com/news/2011-11-16/jpmorgan-joins-goldman-keeping-investors-in-dark-on-italy-derivatives-risk.html. Retrieved 2011-11-16.
- ^ [2]
- ^ http://free-media.pl/?p=6047
- ^ "Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework". 2011. http://mpra.ub.uni-muenchen.de/30334/.
- ^ "The Role of the Euro During and After Economical Crisis". Economics and Applied Informatics. 2010. http://anale-economie.spiruharet.ro/files/anale/AnaleEconomie_Nr10_Vol1i3.pdf#page=219.
- ^ "The Impact Of The Financial Crisis On The Currency And The Monetary System". Annals of Spiru Haret University. 2010. http://anale-economie.spiruharet.ro/files/anale/AnaleEconomie_Nr10_Vol1i3.pdf#page=219.
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