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Bloomberg, The Economist and The Independent are not "original research". PIGS, in the economic sense, refers to Ireland. In the talk I'm not the only one who thinks so.
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[[File:PIGSmap.svg|thumb|
[[File:PIGS-PIIGS-PIIGGS.png|300px|thumb|right|PIGS, PIIGS and PIIGGS]]
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[[File:Piiggs balance sheet 2009.png|thumb|300px|A graph showing the economic data from Portugal, Italy, Ireland, Greece, Spain (PIIGS), Germany, the EU and the Eurozone for 2009. The data is taken from Eurostat.]]
{{legend|#FF0000|Portugal, Italy, Greece and Spain (mid-1990s)</small>}}
{{legend|#CC6666|Ireland (since 2008)}}
]]
'''PIGS''' (also '''PIIGS''') is an [[acronym]] used to refer to the economies of [[Economy of Portugal|Portugal]], [[Economy of Italy|Italy]], [[Economy of Greece|Greece]] and [[Economy of Spain|Spain]]. Since 2008, the term has included [[Economy of Ireland|Ireland]], either in place of Italy or with an additional ''I''.<ref name="bloomberg">{{cite web|url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asChEF8jj3fg|title=The ’I’ in ‘Pigs’ Stands for Ireland, Not Italy|last=Totaro|first=Lorenzo|date=February 5, 2010|publisher=Bloomberg|accessdate=18 August 2012|quote=The nicknames Pigs and Piigs, the latter including both Ireland and Italy, have become popular as investors dump assets in the euro-zone’s smaller economies on concern that they will have trouble cutting their budget deficits.}}</ref><ref name="zombie">{{cite|author=John Quiggin|title=Zombie Economics: How Dead Ideas Still Walk among Us|page=229|publisher=Princeton University Press|year=2012|isbn=9781400842087|quote=The real problem came when this analysis was extended to the rest of the heavily indebted periphery — commonly referred to in such accounts as the PIGS (Portugal, Italy, Greece, and Spain) group. Ireland was sometimes thrown in as a second 'I'. This was unfair and inaccurate, particularly as regards Spain and Ireland, which had been running a budget leading up to the crisis.}}</ref><ref name="economist">{{cite|url=http://www.economist.com/node/18805327|title=The man who screwed an entire country|publisher=The Economist|date=Jun 9th 2011|accessdate=18 August 2012|quote=Thanks to the tight fiscal policy of Mr Berlusconi's finance minister, Giulio Tremonti, Italy has so far escaped the markets' wrath. Ireland, not Italy, is the I in the PIGS (with Portugal, Greece and Spain).}}</ref><ref>{{cite web |quote=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.|url=http://www.highbeam.com/doc/1G1-163612493.html |title=Greece and Ireland show best returns |date=March 15, 2007 |work=[[Investment Adviser]]}}</ref>


'''''PIGS''''' (also '''''PIIGS'''''<ref name="HughRGE">{{cite web|url=http://www.roubini.com/euro-monitor/258138/is_austria_set_to_join_the_honourable_company_of_piigs_|title=Is Austria Set To Join The Honourable Company of PIIGs?|last=Hugh |first=Edward|date=Dec 16, 2009|publisher=Roubini Global Economics|accessdate=17 May 2011}}</ref>) is an [[acronym]] used to refer to the economies of [[Economy of Portugal|Portugal]], [[Economy of Ireland|Ireland]], [[Economy of Greece|Greece]] and [[Economy of Spain|Spain]]. Since [[2011]], the term has included [[Economy of Italy|Italy]], with an additional ''I''.
Originally, the term referred to Portugal, Italy, Greece and Spain,<ref name="dainotto">{{cite|author=Roberto M. Dainotto|title=Europe (in Theory)|publisher=Duke University Press|year=2006|page=2|location=Durham|isbn=9780822339274|quote=So, when in 1995 Italy — along with the other southern countries of Portugal, Greece and Spain — finally made it to the borderless Europe, signs of elation were palpable … The euphoria, however, did not last long. European clerks in Brussels soon started referring to the Giovannios-come-lately with an unflattering acronym: Portugal, Italy, Greece, and Spain — the PIGS, no less, as Linday Waters reported.}}</ref><ref name="keynes">{{cite|title=The Return to Keynes|author1=Bradley W. Bateman|author2=Toshiaki Hirai|author3=Maria Cristina Marcuzzo|page=62|publisher=Harvard University Press|year=2010|isbn=9780674035386|quote=As the ''Economist'' reported during the Maastricht negotiations, the limits were chosen by an alliance of German, Dutch, British, and other officials with the intention of "keeping the PIGS out." "PIGS" alluded to Portugal, Italy, Greece, and Spain, where were deemed to be prone to fiscal profligacy and infation.}}</ref> which were notable as similar economic environments. Since the [[European sovereign debt crisis]], with the addition of [[Economy of Ireland|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.

Originally, the term referred to Portugal, Ireland, Greece and Spain, which were notable as similar economic environments. Since the [[European sovereign debt crisis]], in 2011, with the addition of [[Economy of Italy|Italy]], 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.


==History==
==History==
The term has been used since at least the mid-1990s<ref>{{cite web|url=http://books.google.de/books?id=itGoAAAAIAAJ&q=pigs+portugal+italy+greece+spain&dq=pigs+portugal+italy+greece+spain&cd=3 |title=Der Euro: Fragen und Antworten zum neuen Europa-Geld |publisher=Books.google.de |date= |accessdate=2012-04-25}}</ref> as an [[epithet]]<!-- "un sobriquet peu élégant" litt: an inelegant nickname--><ref>{{cite web |url=http://www.lemonde.fr/cgi-bin/ACHATS/260035.html |quote=que l'argot communautaire a affublés d'un sobriquet peu élégant dans sa signification anglaise : « pigs », pour Portugal, Italy, Greece, Spain. |title=L'Allemagne au coeur du débat français |date=24 April 1997 |work=[[Le Monde]] |author=Daniel Vernet}}</ref> referring to Portugal, Italy, Greece and Spain noted for similar economic environments.<ref>{{cite book|url=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|title=The European Union: from Jean Monnet to the Euro|author= Dean J. Kotlowski|edition=|publisher=[[Ohio University Press]]|year=2000|ISBN=0-8214-1331-7|page=}}</ref><ref>{{cite book|url=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|title=Growth and economic development: essays in honour of A.P. Thirlwall|author= Philip Arestis, J. S. L. McCombie, Roger William Vickerman, A. P. Thirlwall|edition=|publisher=[[Edward Elgar Publishing]]|year=2007|ISBN=1-84376-878-X|page=}}</ref> The term became popularized by the wider media during the [[European sovereign debt crisis]],<ref>{{cite web|url=http://www.goldseiten.de/content/diverses/artikel.php?storyid=2576 |title=Gibt es noch weitere PIGS im Euro? - Aktuelles & Neues - Artikel |publisher=GoldSeiten.de |date=2006-03-28 |accessdate=2012-04-25}}</ref><ref>{{cite web |quote=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.|url=http://www.highbeam.com/doc/1G1-163612493.html |title=Greece and Ireland show best returns |date=March 15, 2007 |work=[[Investment Adviser]]}}</ref><ref>[https://estudogeral.sib.uc.pt/dspace/handle/10316/11722 A Portuguese university]{{dead link|date=April 2012}}</ref><ref>
{{cite news
| last= Von Reppert-Bismarck
| first= Juliane
| url= http://www.newsweek.com/id/143665
| title= Why Pigs Can’t Fly
| publisher= [[Newsweek]]
| date= July 7–14, 2008
}}</ref><ref>{{cite news
| url= http://www.economist.com/opinion/displaystory.cfm?story_id=11496844
| title= Ten years on, beware a porcine plot
| publisher= The Economist
| date= June 5, 2008
}}</ref><ref>{{cite web|url=http://forexblog.oanda.com/20100204/euro-struggles-on-growing-piigs-debt-concern/ |title=Euro Struggles on Growing PIIGS Debt Concern &#124; OANDA Forex Blog |publisher=Forexblog.oanda.com |date=1999-02-22 |accessdate=2012-04-25}}</ref> alternatively used as a shortform for Portugal, Ireland, Greece and Spain.<ref>{{cite web |url=http://krugman.blogs.nytimes.com/2011/01/11/geography-lessons/ |quote=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. |title=Geography Lessons |date=11 January 2011|work=[[New York Times]] |author=Paul Krugman}}</ref><ref>{{cite web |url=http://www.smh.com.au/opinion/politics/governments-are-addicted-to-spending-beyond-their-means-20111002-1l3q2.html |quote=In Europe, the problem with the PIGS (Portugal, Ireland, Greece and Spain) debt has been understood for some time. |title=Governments are addicted to spending beyond their means |date=3 October 2011 |work=[[Sydney Morning Herald]] |author=Amanda Vanstone}}</ref><ref>{{cite news| url=http://news.bbc.co.uk/1/hi/business/8510603.stm | work=BBC News | title=Europe's PIGS: Country by country | date=11 February 2010}}</ref>


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The term was denounced as [[pejorative]] by the Portuguese Finance Minister in 2008.<ref name=portafolio1>{{cite web |author=[[Robert Holloway]] |url=http://blogs.afp.com/?post/2008/09/15/Pigs-in-muck-and-lipstick |title=Pigs in muck and lipstick |work=[[Agence France-Presse|AFP]] |date=September 15, 2008}}</ref> Members of the international economic press continue to use the term.<ref>{{cite web|url=http://www.hrima.gr/article.asp?view=1131&ref=1114 |title=Χρημα - Μηνιαιο Οικονομικο & Επενδυτικο Περιοδικο |publisher=Hrima.gr |date= |accessdate=2012-04-25}}</ref><ref>{{cite web|url=http://www.cotizalia.com/en-exclusiva/2011/mario-draghi-presidente-bce-sorpresa-20110430-68049.html |title=Mario Draghi, presidente por sorpresa del BCE |publisher=Cotizalia.com |date= |accessdate=2012-04-25}}</ref><ref>{{cite web|url=http://www.eleconomista.es/mercados-cotizaciones/noticias/3003903/04/11/La-cruz-que-carga-Espana-por-Grecia-no-se-hace-mas-pesada.html |title=La cruz que carga España por Grecia no se hace más pesada |publisher=elEconomista.es |date=2011-04-19 |accessdate=2012-04-25}}</ref><ref>{{cite web |url=http://www.capitalmadrid.info/news_links/364#googtrans/auto/en |title=La web de Roubini propone la solución para los PIIGS: euro fuerte y euro débil}}</ref><ref>{{cite web |url=http://www.libertaddigital.com/economia/los-paises-mas-vulnerables-japon-francia-reino-unido-eeuu-y-piigs-1276384385/#googtrans/auto/en |title=Japón, Francia, Reino Unido, EEUU y PIIGS, los más vulnerables}}</ref><ref>{{cite web |url=http://www.abc.es/agencias/noticia.asp?noticia=263810 |title=Krugman atribuye problemas de España a falta de unión fiscal y laboral en UE}}</ref> However, some organisations, notably the ''[[Financial Times]]'' (FT) and [[Barclays Capital]], have restricted or banned<ref>{{cite web|last=Alloway |first=Tracy |url=http://ftalphaville.ft.com/blog/2010/02/05/142451/anything-but-porcine-at-barcap/ |title=Anything but porcine at BarCap |publisher=Ftalphaville.ft.com |date=2010-02-05 |accessdate=2012-04-25}}</ref> the term.<ref name=ft1>{{cite web |author=James Mackintosh |url=http://blogs.ft.com/ft-dot-comment/2010/02/05/stupid-investors-in-pigs/ |title=STUPID investors in PIGS |work=ft.com |date=5 February 2010}}</ref>
⚫
[[File:Piiggs balance sheet 2009.png|thumb|300px|A graph showing the economic data from Portugal, Italy, Ireland, Greece, Spain (PIIGS), Germany, the EU and the Eurozone for 2009. The data is taken from Eurostat.]]

The term has been used since at least the mid-1990s<ref name="dereuro">{{cite web|author1=Winfried Münster|author2=Roland Bettschart|publisher=Deutscher Taschenbuch Verlag|location=Munich|year=1997|url=http://books.google.de/books?id=itGoAAAAIAAJ&q=pigs+portugal+italy+greece+spain&dq=pigs+portugal+italy+greece+spain&cd=3|title=Der Euro: Fragen und Antworten zum neuen Europa-Geld}}</ref> as an [[epithet]]<!-- "un sobriquet peu élégant" litt: an inelegant nickname--><ref>{{cite web |url=http://www.lemonde.fr/cgi-bin/ACHATS/260035.html |quote=que l'argot communautaire a affublés d'un sobriquet peu élégant dans sa signification anglaise : « pigs », pour Portugal, Italy, Greece, Spain. |title=L'Allemagne au coeur du débat français |date=24 April 1997 |work=[[Le Monde]] |author=Daniel Vernet}}</ref> referring to Portugal, Italy, Greece and Spain noted for similar economic environments.<ref>{{cite|url=http://www.economist.com/node/11487440|title=A decade in the sun|date=Jun 5th 2008|publisher=The Economist|quote=A particular worry is what could be called the PIGS—Portugal, Italy, Greece and Spain, Europe's negative version of the fast-growing BRICs.}}</ref><ref>{{cite book|url=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|title=The European Union: from Jean Monnet to the Euro|author= Dean J. Kotlowski|edition=|publisher=[[Ohio University Press]]|year=2000|ISBN=0-8214-1331-7|page=36|quote=It seems entirely feasible that none of the PIGS (Portugal, Italy, Greece, and Spain), will be left behind come Janurary 2002. Of course, it is the political prestige attached to entering EMU as a charter member, as much as the expected economic advantage, that propelled countries to partake in the endgame.}}</ref><ref>{{cite book|url=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|title=Growth and economic development: essays in honour of A.P. Thirlwall|author= Philip Arestis, J. S. L. McCombie, Roger William Vickerman, A. P. Thirlwall|edition=|publisher=[[Edward Elgar Publishing]]|year=2007|ISBN=1-84376-878-X|page=184|quote=…principally, France and Germany, towards those others suspected of endemic fiscal irresponsibility (for instance, the so-called 'Club Med' or, to use the less exotic but more trenchant acronym, the 'PIGS' - Portugal, Italy, Greece and Spain).}}</ref> The term became popularized by the wider media during the [[European sovereign debt crisis]],<ref>{{cite news|last=Von Reppert-Bismarck|first= Juliane|url= http://www.newsweek.com/id/143665|title= Why Pigs Can’t Fly|publisher=[[Newsweek]]| date= July 7–14, 2008|quote=Those at risk are the PIGS—Portugal, Italy, Greece and Spain—who earned their nickname by staying stuck as their nimbler competitors revived export and job growth by venturing abroad.}}</ref><ref>{{cite|url=http://www.economist.com/opinion/displaystory.cfm?story_id=11496844| title= Ten years on, beware a porcine plot| publisher=The Economist|date=June 5, 2008|quote=But others, including France and, especially, the Mediterranean quartet of Portugal, Italy, Greece and Spain (sometimes described as the PIGS), have not done so.}}</ref><ref>{{cite web|url=http://forexblog.oanda.com/20100204/euro-struggles-on-growing-piigs-debt-concern/ |title=Euro Struggles on Growing PIIGS Debt Concern &#124; OANDA Forex Blog |author=Scott Boyd|work=ForEx Blog|publisher=Oanda|date=1999-02-22 |accessdate=2012-04-25|quote=The euro fell to a seven-month low against the US dollar today as investors continue to fret over the fate of several highly-indebted countries within the Euro zone. These countries – lumped together under the dubious PIIGS moniker – include Portugal, Italy, Ireland, Greece, and Spain, and more and more it appears that the only possible outcome includes either bankruptcy or a state-sponsored bailout.}}</ref><ref name="lastfirst">{{cite|author=Anders Åslund|year=2010|title=The Last Shall be the First: The East European Financial Crisis, 2008-10|publisher=Peterson Institute|location=Washington, DC|page=29|isbn=9780881325218|quote=In early 2010 public focus moved from the external indebtedness of Eastern Europe and risks to its banking system to the public indebtedness of the PIGS (Portugal, Italy, Greece, and Spain) and the possible risk of sovereign default, especially in Greece.}}</ref> including alternatives such as ''Portugal, Ireland, Greece and Spain'' (PIGS) and ''Portugal, Ireland, Italy, Greece and Spain'' (PIIGS).<ref>{{cite web |url=http://www.smh.com.au/opinion/politics/governments-are-addicted-to-spending-beyond-their-means-20111002-1l3q2.html |quote=In Europe, the problem with the PIGS (Portugal, Ireland, Greece and Spain) debt has been understood for some time. |title=Governments are addicted to spending beyond their means |date=3 October 2011 |work=[[Sydney Morning Herald]] |author=Amanda Vanstone}}</ref><ref>{{cite news| url=http://news.bbc.co.uk/1/hi/business/8510603.stm | work=BBC News | title=Europe's PIGS: Country by country | date=11 February 2010|quote=But this is how the financial markets refer to the troubled and heavily-indebted countries of Europe - Portugal, Ireland, Greece and Spain. (Some analysts use PIIGS to include Italy - Europe's longstanding biggest debtor.)}}</ref><ref>{{cite|url=http://www.economist.com/node/21533445|title=Pig no more?|publisher=The Economist|date=22 October 2011|quote=Ireland sees a glimmer of a chance to escape from being bracketed with southern euro-zone countries known by their initials as the PIGS. But it is not out of the sty yet.}}</ref>

⚫
The term was denounced as [[pejorative]] by the Portuguese Finance Minister in 2008<ref name=portafolio1>{{cite web |author=[[Robert Holloway]] |url=http://web.archive.org/web/20100420025605/http://blogs.afp.com/?post/2008/09/15/Pigs-in-muck-and-lipstick |title=Pigs in muck and lipstick |work=[[Agence France-Presse|AFP]] |date=September 15, 2008}}</ref> and, some organisations, notably the ''[[Financial Times]]'' (FT) and [[Barclays Capital]], have restricted or banned the term.<ref name=ft1>{{cite web |author=James Mackintosh |url=http://blogs.ft.com/ft-dot-comment/2010/02/05/stupid-investors-in-pigs/ |title=STUPID investors in PIGS|work=Blogs|Financial Times|quote=It isn’t just touchy government ministers in Portugal, Italy, Ireland Greece and Spain who don’t like the highly appropriate acronym PIGS to sum up the troubled regions of the eurozone (the ‘i’ seems to be used for Ireland and Italy). The FT has a near-ban on the insulting phrase, and now Barclays Capital has banned it too, for being offensive.|date=5 February 2010}}</ref><ref>{{cite web|last=Alloway |first=Tracy |url=http://ftalphaville.ft.com/blog/2010/02/05/142451/anything-but-porcine-at-barcap/ |title=Anything but porcine at BarCap |work=Alphaville|publisher=Financial Times|date=2010-02-05 |accessdate=2012-04-25|quote=FT Alphaville and the FT are not allowed to say PIIGS a certain porcine acronym. But we are in good company. Neither, it seems, is Barclays Capital. … For those who haven’t experienced the wrath of southern Europe, the forbidden-acronym is said to cause offense because it can be construed as having pejorative undertones. That doesn’t solve the problem that “Portugal, Italy, Ireland, Greece and Spain” is a mouthful.}}</ref> Members of the international economic press continue to use the term.<ref>{{cite web|url=http://www.cotizalia.com/en-exclusiva/2011/mario-draghi-presidente-bce-sorpresa-20110430-68049.html |title=Mario Draghi, presidente por sorpresa del BCE |publisher=Cotizalia.com |date= |accessdate=2012-04-25}}</ref><ref>{{cite web|url=http://www.eleconomista.es/mercados-cotizaciones/noticias/3003903/04/11/La-cruz-que-carga-Espana-por-Grecia-no-se-hace-mas-pesada.html |title=La cruz que carga España por Grecia no se hace más pesada |publisher=elEconomista.es |date=2011-04-19 |accessdate=2012-04-25}}</ref><ref>{{cite web |url=http://www.capitalmadrid.info/news_links/364#googtrans/auto/en |title=La web de Roubini propone la solución para los PIIGS: euro fuerte y euro débil}}</ref><ref>{{cite web |url=http://www.libertaddigital.com/economia/los-paises-mas-vulnerables-japon-francia-reino-unido-eeuu-y-piigs-1276384385/#googtrans/auto/en |title=Japón, Francia, Reino Unido, EEUU y PIIGS, los más vulnerables}}</ref><ref>{{cite web |url=http://www.abc.es/agencias/noticia.asp?noticia=263810 |title=Krugman atribuye problemas de España a falta de unión fiscal y laboral en UE}}</ref>

==Variants==


==Variations==
With the onset of the [[Financial crisis of 2007–2012]], several variations appeared.<ref>{{cite web|author=Niels Ruben Ravnaas|url=http://www.na24.no/article2908474.ece |title=Banket gjennom giganthjelpen|publisher=Na24|date=2010-05-10 |accessdate=2012-04-25|quote=Disse europeiske landene har i finansverdenen gått under økenavnet PiGS-land (Portugal, Italia, Hellas (Greece) og Spania) siden 1997. Etter at finanskrisen inntraff, og det ble økt fokus på europeiske lands statsfinanser, har også Irland og Storbritannia blitt knyttet til PIGS, noe som gjør at man nå både har samlebetegnelsene PIIGS og PIIGGS.}}</ref> When rendered as ''PIIGS'' some commentators added the additional ''I'' to include Ireland,<ref>{{cite news |author=Martin de Sa'Pinto |url=http://www.reuters.com/article/idUSTRE60E2OJ20100115 |title=Hedge funds to favor BRIC not PIIGS in 2010: Lipper |publisher=Reuters |date=2010-01-15 |accessdate=2011-07-24|quote=While strong growth is expected in Brazil, Russia, India and China, the European Commission expects the fiscal position of so-called PIIGS -- Portugal, Ireland, Italy, Greece and Spain -- to worsen even further in 2010.}}</ref> or the ''I'', which originally referred to Italy, was used for Ireland.<ref name="bloomberg"/> Other forms in use were GIPS,<ref>{{cite web |url=http://krugman.blogs.nytimes.com/2011/12/17/chronic-confusion/ |title=Chronic Confusion |work=Blogs|publisher=New York Times |author=Paul Krugman |date=2011-12-17 |accessdate = 2011-12-18}}</ref>, GIPSI, GIIPS<ref name="bloombergrisks">{{cite news |url=http://www.bloomberg.com/news/2011-11-16/jpmorgan-joins-goldman-keeping-investors-in-dark-on-italy-derivatives-risk.html |title=JPMorgan, Goldman Keep Italy Risk in Dark |author1=Christine Harper |author2=Michael J. Moore |publisher=Bloomberg.com |date=2011-11-15 |accessdate=2011-11-16|quote=Just don’t ask them how much of that was issued by Greece, Italy, Ireland, Portugal and Spain, known as the GIIPS.}}</ref> and a three-i variant ''PIIIGS'', where the third I represents [[Economy of Iceland|Iceland]].<ref>{{cite|title=Sovereign Fiscal Responsibility Index|author1=TJ Augustine|author2=A Maasry|author3=D Sobo|author3=Di Wang|date=April 2011|publisher=Stanford Institute for Economic Policy Research|page=6|quote=Conversely, many traditional powers find themselves near the bottom of the list. The so-called PIIIGS of Europe (Portugal, Italy, Ireland, Iceland, Greece, and Spain) are all in the bottom third.}}</ref> Another variant, PIIGGS, included the [[United Kingdom]] (Great Britain).<ref>{{cite|url=http://www.thehindubusinessline.com/2010/05/26/stories/2010052650321100.htm|title=Too small is ‘too big' to fail|author=S. Gurumurthy|publisher=The Hindu|accessdate=19 August 2012|date=May 26 2010|quote=Unlike in 2008, now it is no more just PIGS that drag the EU down. The PIGS club has now expanded, with Ireland first, and ironically, Great Britain next, as the newly qualified members of the PIGS, making it PIIGGS (adding another ‘I', for Ireland and another ‘G', for Great Britain).}}</ref><ref>{{cite journal|last1=Baumöhl|first1=Eduard|last2=Výrost|first2=Tomáš|last3=Lyócsa|first3=Štefan|year=2011|title=Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework|journal=Theoretical and Practical Aspects of Public Finance, XVIth International Conference|publisher=Department of Public Finance of the University of Economics in Prague|date=8 April 2011|url=http://mpra.ub.uni-muenchen.de/30334/|quote=Countries showing the highest deficits and debts are nowadays known under the degrading acronym PIIGGS, which stands for Portugal, Ireland, Italy, Greece, Great Britain and Spain.}}</ref><ref>{{cite journal |first=Daniela |last=Matei |title=The Role of the Euro During and After Economical Crisis |url=http://www.ann.ugal.ro/eco/Doc2010/Matei.pdf |year=2010 |issue=1 |pages=87–92 |journal=Economics and Applied Informatics|quote=PIGS, PIIGS and PIIGGS are acronyms that originally referred to the economies of Portugal, Italy, Greece and Spain (PIGS). Since the financial crisis of 2007–2010, Ireland (PIIGS) and, more recently, the United Kingdom (Great Britain, PIIGGS) have become associated with the term. The term became popular again during the financial crisis of 2007–2010 when the economies of Portugal, Ireland, Greece and Spain were seen as especially vulnerable due to high or rising government debt levels and a high government deficits relative to annual GDP.}}</ref><ref>{{cite journal|first=Petre |last=Deaconu |title=The Impact Of The Financial Crisis On The Currency And The Monetary System |url=http://anale-economie.spiruharet.ro/files/anale/AnaleEconomie_Nr10_Vol1i3.pdf#page=226 |year=2010 |volume=1 |issue=3 |journal=Annals of Spiru Haret University |pages=219–227|quote=The so-called contagion of teh public debt crisis among the PIIGGS countries (Portugal, Ireland, Italy, Greece, Great Britain and Spain) worries Washington and Tokyo, the deepest in debt non-European governments.}}</ref>
With the onset of the [[Financial crisis of 2007–2012]] several variations appeared.<ref>{{cite web|author=Niels Ruben Ravnaas Tips meg |url=http://www.na24.no/article2908474.ece |title=EUROPA - Banket gjennom giganthjelpen NA24 |publisher=Na24.no |date=2010-05-10 |accessdate=2012-04-25}}</ref> When rendered as ''PIIGS''<ref>{{cite news |author=Martin de Sa'Pinto |url=http://www.reuters.com/article/idUSTRE60E2OJ20100115 |title=Hedge funds to favor BRIC not PIIGS in 2010: Lipper |publisher=Reuters |date=2010-01-15 |accessdate=2011-07-24}}</ref><ref>{{cite book |url=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 |title=Der Nabel des Mondes und die Träne im Indischen Ozean: 333 Länderbeinamen ... |first=Richard |last=Deiss |publisher=Books on demand |page=5 |date=2010-04-13 |accessdate=2012-04-25}}</ref> 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<ref>{{cite news |author=Lorenzo Totaro |url=http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asChEF8jj3fg |title=The ’I’ in ‘Pigs’ Stands for Ireland, Not Italy (Update2) |publisher=Bloomberg |date=2010-02-05 |accessdate=2012-04-25}}</ref> by some during this period. Other forms in use are GIPS,<ref>{{cite news |url=http://krugman.blogs.nytimes.com/2011/12/17/chronic-confusion/ |title=Chronic Confusion |publisher=New York Times |author=Paul Krugman |date=2011-12-17 |accessdate = 2011-12-18}}</ref> GIPSI,<ref>{{cite news |url=http://seekingalpha.com/article/236784-2011-the-year-of-the-european-gipsi |title=2011: The Year of the European GIPSI? |publisher=Seeking Alpha |author=Carlos X. Alexandre |date=2010-11-15 |accessdate=2011-12-18}}</ref> and GIIPS.<ref name="Bloomberg.com">{{cite news |url=http://www.bloomberg.com/news/2011-11-16/jpmorgan-joins-goldman-keeping-investors-in-dark-on-italy-derivatives-risk.html |title=JPMorgan, Goldman Keep Italy Risk in Dark |author1=Christine Harper |author2=Michael J. Moore |publisher=Bloomberg.com |date=2011-11-15 |accessdate=2011-11-16}}</ref> A three-i variant ''PIIIGS'' also has been used, where the third I represents [[Economy of Iceland|Iceland]].<ref name="Bloomberg.com"/><ref>"Sovereign Fiscal Responsibility Index 2011", TJ Augustine, A Maasry, D Sobo, 2011, Stanford University</ref>
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<ref>[http://www.thehindubusinessline.com/2010/05/26/stories/2010052650321100.htm ]{{dead link|date=April 2012}}</ref><ref>http://free-media.pl/?p=6047</ref> which includes the [[United Kingdom]] (Great Britain) for assorted political, economic, or social reportage and [[editorial]] commentary.<ref>{{cite web |first=E Baumöhl, T Výrost |title=Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework |url=http://mpra.ub.uni-muenchen.de/30334/ |year=2011}}</ref><ref>{{cite journal |first=Daniela |last=Matei |title=The Role of the Euro During and After Economical Crisis |url=http://www.ann.ugal.ro/eco/Doc2010/Matei.pdf |year=2010 |issue=1 |pages=87–92 |journal=Economics and Applied Informatics}}</ref><ref>{{cite journal|first=Petre |last=Deaconu |title=The Impact Of The Financial Crisis On The Currency And The Monetary System |url=http://anale-economie.spiruharet.ro/files/anale/AnaleEconomie_Nr10_Vol1i3.pdf#page=226 |year=2010 |volume=1 |issue=3 |journal=Annals of Spiru Haret University |pages=219–227}}</ref>
[[CNBC]] has also used GIPSI to mimic the word gypsy.


==See also==
==See also==
{{Portal|Europe}}
{{Portal|Europe}}
{{wiktionary|PIGS|PIIGS|PIIIGS|PIIGGS|GIIPS}}
{{wiktionary|PIGS|PIIGS|PIIIGS|PIIGGS|GIIPS}}
* [[BRIC]]
* [[BRICS]]
* [[CIVETS]]
* [[Credit crunch]]
* [[EAGLEs]]
* [[MIKT]]
* [[List of acronyms: European sovereign-debt crisis]]
* [[List of acronyms: European sovereign-debt crisis]]
* [[Southern Europe]]


==References==
==References==

Revision as of 11:00, 19 August 2012

PIGS, PIIGS and PIIGGS
A graph showing the economic data from Portugal, Italy, Ireland, Greece, Spain (PIIGS), Germany, the EU and the Eurozone for 2009. The data is taken from Eurostat.

PIGS (also PIIGS[1]) is an acronym used to refer to the economies of Portugal, Ireland, Greece and Spain. Since 2011, the term has included Italy, with an additional I.

Originally, the term referred to Portugal, Ireland, Greece and Spain, which were notable as similar economic environments. Since the European sovereign debt crisis, in 2011, with the addition of Italy, 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.

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 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]

Variations

With the onset of the Financial crisis of 2007–2012 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 three-i variant PIIIGS also has been used, where the third I represents Iceland.[30][31] 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[32][33] which includes the United Kingdom (Great Britain) for assorted political, economic, or social reportage and editorial commentary.[34][35][36] CNBC has also used GIPSI to mimic the word gypsy.

See also

Look up PIGS, PIIGS, PIIIGS, PIIGGS, or GIIPS in Wiktionary, the free dictionary.

References

  1. ^ Hugh, Edward (Dec 16, 2009). "Is Austria Set To Join The Honourable Company of PIIGs?". Roubini Global Economics. Retrieved 17 May 2011.
  2. ^ "Der Euro: Fragen und Antworten zum neuen Europa-Geld". Books.google.de. Retrieved 2012-04-25.
  3. ^ Daniel Vernet (24 April 1997). "L'Allemagne au coeur du débat français". Le Monde. que l'argot communautaire a affublés d'un sobriquet peu élégant dans sa signification anglaise : « pigs », pour Portugal, Italy, Greece, Spain.
  4. ^ Dean J. Kotlowski (2000). The European Union: from Jean Monnet to the Euro. Ohio University Press. ISBN 0-8214-1331-7.
  5. ^ 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 1-84376-878-X.{{cite book}}: CS1 maint: multiple names: authors list (link)
  6. ^ "Gibt es noch weitere PIGS im Euro? - Aktuelles & Neues - Artikel". GoldSeiten.de. 2006-03-28. Retrieved 2012-04-25.
  7. ^ "Greece and Ireland show best returns". Investment Adviser. March 15, 2007. 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.
  8. ^ A Portuguese university[dead link‍]
  9. ^ Von Reppert-Bismarck, Juliane (July 7–14, 2008). "Why Pigs Can't Fly". Newsweek.
  10. ^ "Ten years on, beware a porcine plot". The Economist. June 5, 2008.
  11. ^ "Euro Struggles on Growing PIIGS Debt Concern | OANDA Forex Blog". Forexblog.oanda.com. 1999-02-22. Retrieved 2012-04-25.
  12. ^ Paul Krugman (11 January 2011). "Geography Lessons". New York Times. 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.
  13. ^ Amanda Vanstone (3 October 2011). "Governments are addicted to spending beyond their means". Sydney Morning Herald. In Europe, the problem with the PIGS (Portugal, Ireland, Greece and Spain) debt has been understood for some time.
  14. ^ "Europe's PIGS: Country by country". BBC News. 11 February 2010.
  15. ^ Robert Holloway (September 15, 2008). "Pigs in muck and lipstick". AFP.
  16. ^ "Χρημα - Μηνιαιο Οικονομικο & Επενδυτικο Περιοδικο". Hrima.gr. Retrieved 2012-04-25.
  17. ^ "Mario Draghi, presidente por sorpresa del BCE". Cotizalia.com. Retrieved 2012-04-25.
  18. ^ "La cruz que carga España por Grecia no se hace más pesada". elEconomista.es. 2011-04-19. Retrieved 2012-04-25.
  19. ^ "La web de Roubini propone la solución para los PIIGS: euro fuerte y euro débil".
  20. ^ "Japón, Francia, Reino Unido, EEUU y PIIGS, los más vulnerables".
  21. ^ "Krugman atribuye problemas de España a falta de unión fiscal y laboral en UE".
  22. ^ Alloway, Tracy (2010-02-05). "Anything but porcine at BarCap". Ftalphaville.ft.com. Retrieved 2012-04-25.
  23. ^ James Mackintosh (5 February 2010). "STUPID investors in PIGS". ft.com.
  24. ^ Niels Ruben Ravnaas Tips meg (2010-05-10). "EUROPA - Banket gjennom giganthjelpen NA24". Na24.no. Retrieved 2012-04-25.
  25. ^ Martin de Sa'Pinto (2010-01-15). "Hedge funds to favor BRIC not PIIGS in 2010: Lipper". Reuters. Retrieved 2011-07-24.
  26. ^ Deiss, Richard (2010-04-13). Der Nabel des Mondes und die Träne im Indischen Ozean: 333 Länderbeinamen ... Books on demand. p. 5. Retrieved 2012-04-25.
  27. ^ Lorenzo Totaro (2010-02-05). "The 'I' in 'Pigs' Stands for Ireland, Not Italy (Update2)". Bloomberg. Retrieved 2012-04-25.
  28. ^ Paul Krugman (2011-12-17). "Chronic Confusion". New York Times. Retrieved 2011-12-18.
  29. ^ Carlos X. Alexandre (2010-11-15). "2011: The Year of the European GIPSI?". Seeking Alpha. Retrieved 2011-12-18.
  30. ^ a b Christine Harper; Michael J. Moore (2011-11-15). "JPMorgan, Goldman Keep Italy Risk in Dark". Bloomberg.com. Retrieved 2011-11-16.
  31. ^ "Sovereign Fiscal Responsibility Index 2011", TJ Augustine, A Maasry, D Sobo, 2011, Stanford University
  32. ^ [1][dead link‍]
  33. ^ http://free-media.pl/?p=6047
  34. ^ "Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework". 2011. {{cite web}}: |first= missing |last= (help)CS1 maint: multiple names: authors list (link)
  35. ^ Matei, Daniela (2010). "The Role of the Euro During and After Economical Crisis" (PDF). Economics and Applied Informatics (1): 87–92.
  36. ^ Deaconu, Petre (2010). "The Impact Of The Financial Crisis On The Currency And The Monetary System" (PDF). Annals of Spiru Haret University. 1 (3): 219–227.
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