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Rvv. Take it to the talk page. The refs do not say it *is* a slur, but that some consider it one.
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[[Image:PIIGSmap.png|thumb|300px]]
[[Image:PIIGSmap.png|thumb|300px|'PIIGS']]
'''PIGS''', or '''PIIGS''' is an [[acronym]] used by international bond analysts,<ref>[[Hugo M. Kaufmann]] ''[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 Musings on the European Economic and Monetary Union]'' in [[Dean J. Kotlowski]] ed. "The European Union: From Jean Monnet to the Euro". [[Athens]], [[Ohio University Press]], 2000, p. 33-53. ISBN 0-8214-1331-7</ref><ref>Roberto Tam borini, Ferdinando Targetti ''[http://www-ceel.economia.unitn.it/corsomittone/tamborini/Pap05.pdf The crisis of the stability pact and a proposal]'' in Philip Arestis, J. S. L. McCombie, Roger William Vickerman, A. P. Thirlwall eds. "Growth and Economic Development. Essays in Honour of A.P. Tirwall", [[Aldershot]], [[Edward Elgar Publishing]], 2006. ISBN 9781843768784</ref><ref>[[Simon Serfaty]] [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 "The European finality debate and its national dimensions"] [[Center for Strategic and International Studies|CSIS]] Press, 2003, p. 181, 282. ISBN 9780892064274</ref> academics,<ref>João Sousa Andrade "[https://estudogeral.sib.uc.pt/dspace/handle/10316/11722 The PIGS, does the Group Exist? An empirical macroeconomic analysis based on the Okun Law]" ''Estudos do GEMF'', 11 (2009).</ref><ref>Mats Berdal, Pál Dunay, John Lewis Gaddis, Curt Gasteyger, Victor-Yves Ghebali, William I. Hitchcock, André Liebich, Andrew E. Manning, Yuri Nazarkin, Kurt R. Spillmann, Fred Tanner, Gregory F. Treverton, Marten van Heuven, Andreas Wenger, William C. Wohlforth ''[http://www.isn.ethz.ch/isn/Digital-Library/Publications/Detail/?ots591=&lng=en&id=6808 Towards the 21th Century: Trends in Post-Cold War International Security Policy]'' [[Bern]], [[Peter Lang (publishing company)|Peter Lang]], (1999), [http://se2.isn.ch/serviceengine/Files/ESDP/6810/ichaptersection_singledocument/4A78AB25-D6E3-4A37-9A32-7C00E9F7E112/en/doc_6812_259_en.pdf Abbreviation], in ''Studies in Contemporary History and Security Policy'', Series Volume 4. ISBN 3-906764-31-1</ref><ref>Tanja A. Börzel "[http://www.qub.ac.uk/schools/SchoolofPoliticsInternationalStudiesandPhilosophy/FileStore/EuropeanisationFiles/Filetoupload,38434,en.pdf Pace-Setting, Foot-Dragging, and Fence-Sitting. Member State Responses to Europeanization]", ''[[Queen's University Belfast|Queen’s]] Papers on Europeanisation'', 4/2001. ISSN 1477-1861.</ref> and by the international economic press[http://newspim.com/sub_view.php?start=0&cate1=4&cate2=5&ecate=&news_id=294478] to refer to the [[mediterranean]] ''[[economies]]'' of the current [[European Union]], (specifically in regards issues related to the [[soverign debt]] market) of [[southern Europe]]: [[Economy of Portugal|Portugal]], [[Economy of Italy|Italy]], [[Economy of Greece|Greece]], and [[Economy of Spain|Spain]], with [[Economy of Ireland|Ireland]] sometimes found more recently[http://news.google.com/archivesearch?q=piigs&scoring=a&hl=en&ned=us&um=1&sa=N&sugg=d&as_ldate=2007/04&as_hdate=2007/06&lnav=hist5] as the additional "I" or in lieu of Italy.<ref>{{cite web|url=http://news.bbc.co.uk/2/hi/business/8510603.stm|title=Europe's PIGS: Country by country |accessdate=2010-02-11 |date=2010-02-11 |publisher=[[BBC NEWS]]}}</ref><ref name=ft20100128>{{cite web|url=http://www.ft.com/cms/s/0/1a568f14-0c40-11df-8b81-00144feabdc0.html?catid=181|title=Greek burdens ensure some Pigs won’t fly|accessdate=2010-02-05|date=2010-01-28|publisher=[[Financial Times]]|author=Daniel Gros}}</ref> Because of its vernacular connotation, some news and economic organisations have denounced or banned its usage.
'''PIGS''' is an acronym used by the British and North American economic press to refer to four countries of [[southern Europe]]: [[Economy of Portugal|Portugal]], [[Economy of Italy|Italy]], [[Economy of Greece|Greece]], and [[Economy of Spain|Spain]], but [[Economy of Ireland|Ireland]] is sometimes listed in addition to or in lieu of Italy. Because of its offensive connotations, some news and economic organizations have denounced or banned the term.
Because of its vernacular connotation, some news and economic organisations have denounced or banned its usage.


==History==
==History==
{{Expand section}}
{{Expand section}}
The acronym was first used in 2008 by some British and North American journalists to refer to the [[Eurozone]] countries with lagging economic performance in the preceding few years.<ref>{{cite news
The acronym has long been used by bond and currency traders[http://news.google.com/archivesearch?q=pigs+Portugal,+italy,+greece,+spain+bank&scoring=a&hl=en&ned=us&um=1&sa=N&sugg=d&as_ldate=1996&as_hdate=1997&lnav=hist8][http://books.google.com/books?um=1&q=piigs+Portugal,+italy,+ireland+greece,+spain+bank&btnG=Search+Books] is used by some[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] to refer to the [[Eurozone]] countries with lagging economic performance in the preceding few years.<ref>{{cite news
| last= Von Reppert-Bismarck
| last= Von Reppert-Bismarck
| first= Juliane
| first= Juliane
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| date= February 8, 2010
| date= February 8, 2010
}} </ref>
}} </ref>



==Controversy==
==Controversy==
{{Expand section}}
{{Expand section}}
The term has been actively denounced as an [[pejorative]] by the Portuguese Finance Minister<ref name=portafolio1>[http://blogs.afp.com/?post/2008/09/15/Pigs-in-muck-and-lipstick ''Pigs in muck and lipstick'', [[AFP]] September 15, 2008]</ref>, the Portuguese press and the Spanish speaking press <ref name=lavanguardia1>[http://www.lavanguardia.es/economia/noticias/20090125/53625911592/la-recesion-acosa-al-euro.html Lavanguardia.es]</ref> <ref name=elmundo.es1>[http://www.elmundo.es/2008/09/16/opinion/2496377.html Elmundo.es]</ref> <ref name=portafolio1>[http://www.portafolio.com.co/opinion/editorial/editorial-de-siglas-y-peligros_7151050-3 www.portafolio.com.co]</ref>
The term has been actively denounced as an [[pejorative]] by the Portuguese Finance Minister<ref name=portafolio1>[[Robert Holloway]] [http://blogs.afp.com/?post/2008/09/15/Pigs-in-muck-and-lipstick ''Pigs in muck and lipstick''], [[AFP]] September 15, 2008.</ref>, the Portuguese press and the Spanish speaking press.<ref name=lavanguardia1>J. Ramón González Cabezas [http://www.lavanguardia.es/economia/noticias/20090125/53625911592/la-recesion-acosa-al-euro.html La recesión acosa al euro], Lavanguardia.es, 25/01/2009.</ref><ref name=elmundo.es1>Federico Jimenez Losantos [http://www.elmundo.es/2008/09/16/opinion/2496377.html 'Financial pigs'], Elmundo.es, 16 September 2008.</ref><ref name=portafolio1>[http://www.portafolio.com.co/opinion/editorial/editorial-de-siglas-y-peligros_7151050-3 www.portafolio.com.co]</ref>

⚫
The ''[[Financial Times]]'' and [[Barclays Capital]] have banned the term as "offensive."<ref name=ft1>James Mackintosh [http://blogs.ft.com/ft-dot-comment/2010/02/05/stupid-investors-in-pigs/ STUPID investors in PIGS], ft-dot-comment, Financial Times, February 5, 2010.</ref>


==Derivatives==
⚫
The ''[[Financial Times]]'' and [[Barclays Capital]] have banned the term as "offensive."<ref name=ft1>[http://blogs.ft.com/ft-dot-comment/2010/02/05/stupid-investors-in-pigs/ ft.com]</ref>
* '''STUPID''' — Spain, [[Turkey]], [[United Kingdom]], Portugal, Italy, [[Dubai]].<ref name=ft1 /><ref>Hugo Dixon [http://www.telegraph.co.uk/finance/breakingviewscom/7192342/The-UK-mustnt-be-STUPID.html The UK mustn't be STUPID], Reuters/[[Daily Telegraph]], 08 Feb 2010.</ref>
* '''UR ALL PIGS FROM HELL!''' — [[Ukraine]], [[Romania]], Portugal, Italy, Greece, Spain, [[Hungary]], [[Estonia]], [[Latvia]], [[Lithuania]].<ref>Gordon T. Long [http://marketoracle.co.uk/Article17112.html Euro-Zone Debt Default Risk Crisis, "UR ALL PIGS FROM HELL!”], [[The Market Oracle]], Feb 09, 2010.</ref>


==See also==
==See also==

Revision as of 22:01, 14 February 2010

'PIIGS'

PIGS, or PIIGS is an acronym used by international bond analysts,[1][2][3] academics,[4][5][6] and by the international economic press[1] to refer to the mediterranean economies of the current European Union, (specifically in regards issues related to the soverign debt market) of southern Europe: Portugal, Italy, Greece, and Spain, with Ireland sometimes found more recently[2] as the additional "I" or in lieu of Italy.[7][8] Because of its vernacular connotation, some news and economic organisations have denounced or banned its usage.

History

The acronym has long been used by bond and currency traders[3][4] is used by some[5][6] to refer to the Eurozone countries with lagging economic performance in the preceding few years.[9][10] They were perceived as lacking fiscal discipline and often ran large current account deficits, leading to concerns about the stability of the euro currency.[11] Additionally, they tend to suffer from high unemployment.[12]

Meaning of "I"

Shortly after being coined, an additional "I" was sometimes added to create the acronym "PIIGS", with the additional letter referring to Ireland.[13] [14][15] Some Italian banks (such as Unicredit) have suggested that Italy be replaced with Ireland in the original four letter acronym, and American commentator Pat Buchanan did so in a February 2010 column.[16] According to Eric Nielsen, chief European economist at Goldman Sachs Group Inc. in London, "Italy is in a more comfortable position than the other Southern European countries because of a stronger balance sheet."[17]


Controversy

The term has been actively denounced as an pejorative by the Portuguese Finance Minister[18], the Portuguese press and the Spanish speaking press.[19][20][18]

The Financial Times and Barclays Capital have banned the term as "offensive."[21]

Derivatives

See also

References

  1. ^ Hugo M. Kaufmann Musings on the European Economic and Monetary Union in Dean J. Kotlowski ed. "The European Union: From Jean Monnet to the Euro". Athens, Ohio University Press, 2000, p. 33-53. ISBN 0-8214-1331-7
  2. ^ Roberto Tam borini, Ferdinando Targetti The crisis of the stability pact and a proposal in Philip Arestis, J. S. L. McCombie, Roger William Vickerman, A. P. Thirlwall eds. "Growth and Economic Development. Essays in Honour of A.P. Tirwall", Aldershot, Edward Elgar Publishing, 2006. ISBN 9781843768784
  3. ^ Simon Serfaty "The European finality debate and its national dimensions" CSIS Press, 2003, p. 181, 282. ISBN 9780892064274
  4. ^ João Sousa Andrade "The PIGS, does the Group Exist? An empirical macroeconomic analysis based on the Okun Law" Estudos do GEMF, 11 (2009).
  5. ^ Mats Berdal, Pál Dunay, John Lewis Gaddis, Curt Gasteyger, Victor-Yves Ghebali, William I. Hitchcock, André Liebich, Andrew E. Manning, Yuri Nazarkin, Kurt R. Spillmann, Fred Tanner, Gregory F. Treverton, Marten van Heuven, Andreas Wenger, William C. Wohlforth Towards the 21th Century: Trends in Post-Cold War International Security Policy Bern, Peter Lang, (1999), Abbreviation, in Studies in Contemporary History and Security Policy, Series Volume 4. ISBN 3-906764-31-1
  6. ^ Tanja A. Börzel "Pace-Setting, Foot-Dragging, and Fence-Sitting. Member State Responses to Europeanization", Queen’s Papers on Europeanisation, 4/2001. ISSN 1477-1861.
  7. ^ "Europe's PIGS: Country by country". BBC NEWS. 2010-02-11. Retrieved 2010-02-11.
  8. ^ Daniel Gros (2010-01-28). "Greek burdens ensure some Pigs won't fly". Financial Times. Retrieved 2010-02-05.
  9. ^ Von Reppert-Bismarck, Juliane (July 7–14, 2008). "Why Pigs Can't Fly". Newsweek.{{cite news}}: CS1 maint: date format (link)
  10. ^ "Ten years on, beware a porcine plot". The Economist. June 5, 2008.
  11. ^ Reguly, Eric (December 23, 2009). "Bailing out PIIGS just encourages bad behaviour". The Globe and Mail.
  12. ^ "The ECB at ten: A decade in the sun". The Economist. June 5, 2008.
  13. ^ Gros, Daniel (January 28, 2010). "Greek burdens ensure some Pigs won't fly". Financial Times. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  14. ^ "'I' in 'PIGS' is for Ireland not Italy, insist UniCredit staff". Irish Independent. February 6, 2010.
  15. ^ Smith, David (May 25, 2008). "Reform failures may still kill off the euro". The Sunday Times.
  16. ^ Buchanan, Pat (2010-02-09). "The Bankrupt PIGS of Europe". buchanan.org. Retrieved 2010-02-09. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  17. ^ Totaro, Lorenzo (February 8, 2010). "The 'I' in 'Pigs' Stands for Ireland, Not Italy (Update1)". Business Week.
  18. ^ a b Robert Holloway Pigs in muck and lipstick, AFP September 15, 2008. Cite error: The named reference "portafolio1" was defined multiple times with different content (see the help page).
  19. ^ J. Ramón González Cabezas La recesión acosa al euro, Lavanguardia.es, 25/01/2009.
  20. ^ Federico Jimenez Losantos 'Financial pigs', Elmundo.es, 16 September 2008.
  21. ^ a b James Mackintosh STUPID investors in PIGS, ft-dot-comment, Financial Times, February 5, 2010.
  22. ^ Hugo Dixon The UK mustn't be STUPID, Reuters/Daily Telegraph, 08 Feb 2010.
  23. ^ Gordon T. Long Euro-Zone Debt Default Risk Crisis, "UR ALL PIGS FROM HELL!”, The Market Oracle, Feb 09, 2010.


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