PIGS (economics): Difference between revisions
Adding citation to The Racial Slur Database |
minor correction |
||
| Line 1: | Line 1: | ||
[[Image:PIGSmap.png|thumb|300px]] |
[[Image:PIGSmap.png|thumb|300px]] |
||
'''PIGS''' is an [[ethnic slur]]<ref name=racialslur1>[[The Racial Slur Database]] [http://www.racialslurs.com/search?q=PIGS ''PIGS''] |
'''PIGS''' is an [[ethnic slur]]<ref name=racialslur1>[[The Racial Slur Database]] [http://www.racialslurs.com/search?q=PIGS ''PIGS''], purposely 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 organizations have denounced or banned its usage. |
Because of its vernacular connotation, some news and economic organizations have denounced or banned its usage. |
||
Revision as of 21:39, 14 February 2010
PIGS is an ethnic slurCite error: A <ref> tag is missing the closing </ref> (see the help page).[1] They were perceived as lacking fiscal discipline and often ran large current account deficits, leading to concerns about the stability of the euro currency.[2] Additionally, they tend to suffer from high unemployment.[3]
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.[4] [5][6] 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.[7] 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."[8]
Controversy
![[icon]](/wiki/File:Wiki_letter_w_cropped.svg){kind=small} | This section needs expansion. You can help by adding to it. |
The term has been actively denounced as an pejorative by the Portuguese Finance Minister[9], the Portuguese press and the Spanish speaking press [10] [11] [9]
The Financial Times and Barclays Capital have banned the term as "offensive."[12]
See also
- European Central Bank
- Enlargement of the eurozone
- Globalization
- Union for the Mediterranean
- BRIC
- Public debt
References
- ^ "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.
- ^ 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.
- ^ 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) - ^ Totaro, Lorenzo (February 8, 2010). "The 'I' in 'Pigs' Stands for Ireland, Not Italy (Update1)". Business Week.
- ^ a b 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).
- ^ Lavanguardia.es
- ^ Elmundo.es
- ^ ft.com
External links
 | This economics-related article is a stub. You can help Wikipedia by expanding it. |