PIGS (economics): Difference between revisions
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'''PIGS''' is |
'''PIGS''' is a racist-nationalist [[acronym]] used first in 2008 by some [[United Kingdom|British]] and [[USA|North American]] journalists in finance and economy 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]].<ref>{{cite news |
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Revision as of 04:13, 11 February 2010
PIGS is a racist-nationalist acronym used first in 2008 by some British and North American journalists in finance and economy to refer to four countries of southern Europe: Portugal, Italy, Greece, and Spain.[1] These Eurozone countries had mixed economic performance in the few years before 2008.[2] They were perceived as lacking fiscal discipline and often ran large current account deficits, leading to concerns about the stability of the euro currency.[3] Additionally, they tend to suffer from high unemployment.[4]
Ireland is sometimes added as additional "I." (PIIGS).[5] 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;[6] however, "I" still generally stands for Italy, not Ireland.[7] [8] 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."[9]
See also
- European Central Bank
- Enlargement of the eurozone
- Globalization
- Union for the Mediterranean
- BRIC
- Public debt
References
- ^ 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.
- ^ Reguly, Eric (December 23, 2009). "Bailing out PIIGS just encourages bad behaviour". The Globe and Mail.
- ^ "The ECB at ten: A decade in the sun". The Economist. June 5, 2008.
- ^ Smith, David (May 25, 2008). "Reform failures may still kill off the euro". The Sunday Times.
- ^ 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) - ^ 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) - ^ "'I' in 'PIGS' is for Ireland not Italy, insist UniCredit staff". Irish Independent. February 6, 2010.
- ^ Totaro, Lorenzo (February 8, 2010). "The 'I' in 'Pigs' Stands for Ireland, Not Italy (Update1)". Business Week.
External links
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