Jump to content

Talk:PIGS (economics)

Page contents not supported in other languages.
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Naumakos (talk | contribs) at 21:37, 21 August 2012 (→Third opinion). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Requested move

The following discussion is an archived discussion of the proposal. Please do not modify it. Subsequent comments should be made in a new section on the talk page. No further edits should be made to this section.

No consensus to move. Vegaswikian (talk) 06:40, 5 December 2011 (UTC)[reply]

PIGS (economics) → PIGS –Relisted. Vegaswikian (talk) 19:47, 28 November 2011 (UTC) Primary topic. Page views: 39,813, 101. Marcus Qwertyus 21:39, 21 November 2011 (UTC)[reply]

  • Oppose "PIGS" should redirect to pig (disambiguation). 70.24.248.23 (talk) 04:14, 22 November 2011 (UTC)[reply]
  • Support. Gets rid of unnecessary disambiguation. Doesn't affect the article on oinkers. What's not to like? Kauffner (talk) 07:16, 22 November 2011 (UTC)[reply]
  • Support. "PIGS" is a very specific acronym. For someone looking to find pigs to type that they'd have to 1. be wikisavvy enough to type the URL into the address bar and either 2.a. not wikisavvy enough to know that capitalization matters or 2.b insufficiently computer illiterate to turn off the caps lock key. I don't think it's a demographic redirects are really intended to address. --Quintucket (talk) 21:19, 25 November 2011 (UTC)[reply]
  • Oppose Per disambiguation guidelines and what Wikipedia is not. This article is not a primary topic in an enduring sense. Interest in the article, which is currently high, is determined entirely by current events. In time, interest in the acronym will decline again to insignificance. Regardless of the passing interest of our readers, we are an encyclopedia, not a glossary of terms for current events. --RA (talk) 23:47, 25 November 2011 (UTC)[reply]
  • Oppose. A retrograde proposal that would benefit no one, anywhere. To the extent that it can be supported legalistically from some policy or guideline, that policy or guideline is called into question. Too many RMs are failing to consider the basic needs of readers, who want to see at a glance what an article is about – or at least to have some clue concerning the broad domain of the topic. This needs a systematic review. NoeticaTea? 01:04, 29 November 2011 (UTC)[reply]
The above discussion is preserved as an archive of the proposal. Please do not modify it. Subsequent comments should be made in a new section on this talk page. No further edits should be made to this section.

"similar economic environments"

It seems that many misunderstand this phrase: "similar economic environments" as being synonymous with the ongoing financial crisis.

This is a mistake. The similar economic environment is their grounding as southern European largely Mediterranean agricultural/tourism based economies with (pre-EU) export based soft-money and biased towards inflationary central banking policies. Before the Euro these countries native currency and sovereign debt was largely traded as a bloc and moved together as a group. Similar groupings occur with what are known as commodity currencies as in Australia/Canada/Brazil and elsewhere wherever natural rhythms exist.

The phrase "similar economic environments" should either be explained or replaced - it is not accurately reflecting the term for the purposes of this non-political encyclopedia.99.50.181.83 (talk) 15:44, 30 November 2011 (UTC)[reply]

I've split the two uses in the introduction in order to make that clearer. --RA (talk) 13:41, 1 December 2011 (UTC)[reply]

Requested merger

16:50, 15 December 2011 (UTC)

The definition is WRONG. I usually stands for Ireland!

That's how it is most commonly used, because the original four countries who got into trouble where Portugal, Ireland, Greece and Spain. Italy only got into trouble later, when its bond rates were rising, too. Even one of the sources used here speaks of Ireland instead of Italy: http://news.bbc.co.uk/2/hi/business/8510603.stm Also, see this: http://www.acronymfinder.com/PIGS.html Seems there is some confusion about the acronym, and this should be noted in the article. Gray62 (talk) 21:08, 17 December 2011 (UTC)[reply]

Ok, since nobody objected, I was bold and added the alternative reading "Portugal, Ireland, Greece and Spain" which is increasingly used since 2008 (when Ireland got into problems first, with Italy following later). This usage can be found in countless media and economics reports, I added some refs for that. Gray62 (talk) 11:59, 18 December 2011 (UTC)[reply]
I've rewritten it for a number of reasons. One was that the change broke the meaning of second sentence. In the scale of things, also, use with Ireland is a recentism (however, a notable one). The third sentence did explains the change in context of use since 2008 and lists Ireland. However, I've moved this up to the second sentence and explained use of Ireland in place of or alongside Italy explicitly. The section on History also explicitly gives PIGS as "Portugal, Ireland, Greece and Spain" since the financial crisis. --RA (talk) 23:49, 18 December 2011 (UTC)[reply]
This looks good to me now. Thanks for polishing this up! I only reinserted the Krugman ref (which became lost), which is notable, imho. Hmm, just a question: Is there an alternate editor for Wikipedia which makes it easier to edit articles with a lot of refs? I find that very difficult and time consuming with the build in one. Hard to find the wikipedia text between all the references, especially for a small time editor like me who isn't accustomed to this... Gray62 (talk) 08:54, 19 December 2011 (UTC)[reply]
You're very welcome. Thanks also.
There is a project page on tools here, including citation tools and editing tools. I have tried some of them, which IIRC can hide citations while you edit, but eventually I returned to the standard editing tool. You may have more luck than I did. You could also try asking on the tools talk page. Folk there are likely to be more knowledgeable than me. --RA (talk) 09:03, 21 December 2011 (UTC)[reply]
Also, FYI, acronymfinder.com is not a reliable source. --RA (talk) 23:54, 18 December 2011 (UTC)[reply]
Well, I respectfully disagree. Pls see their "about" page: http://www.acronymfinder.com/about.asp Awards, partnerships, widely used by other reliable sources, entries have to go through an editorial review process - this looks quite solid to me. And in the context of showing the real world usage of an acronym, quoting the site makes sense, imho. We wouldn't think twice about this if it was a PRINTED source, right? So, isn't this simply discrimination of online sources? Hmm. Or is there a consensus here that Acronym Finder shall not be seen as a reliable soource? No misunderstanding, imho that's not important enough to have a big argument about it, I'm just curious. Gray62 (talk) 08:54, 19 December 2011 (UTC)[reply]
To my eyes, it would fail RS. While it may be edited, so is Wikipedia. The question is: who edits it? Are they reliable? And who publishes it? Is it a akin to a self-published source? These questions affect printed material also.
I see a question was asked about it on the reliable sources noticeboard, but with no response. --RA (talk) 09:03, 21 December 2011 (UTC)[reply]
BTW this is not to dispute what Acronym Finder give, only to say that there are more reliable (better)sources that support the same statement. That's my 2c, anyway. --RA (talk) 09:07, 21 December 2011 (UTC)[reply]
Bloomberg, The Economist and The Independent are not "original research": PIGS, in the economic sense, refers to Ireland. Gray62 also said PIGS refers to Ireland. The term PIGS, in the past, was used to designate the countries of the Mediterranean sea without any reference to their economies: the economic aspect was not the basis for designating a particular category of countries. --Naumakos (talk) 11:08, 19 August 2012 (UTC)[reply]

PIGS/PIIGS

Many newspapers, which are not scientific, often inappropriately used the term PIGS. We have to use these sources, but we must be careful, because very often, in this matter, some journalists are superficial.

Indeed, Ireland (and not Italy) is included in the term PIGS: to indicate Italy we use the term PIIGS. Though often, reporters who are not specialists tend to interchange the names.

Now let's recap. The ability of a country to finance its debt depends on two variables:

  • The annual government deficit;
  • Interest payments: how much a country must pay to finance its debt on the market.

Italy had the lowest budget deficit in Europe, after Germany (-5.3% in 2009, -4.5 in 2010, -3.9 in 2011). Ireland has had a greater deficit (-14.0 in 2009, -17.0 in 2010, -11.0 in 2011).

Interest payments. The difference between the yield of Italian government bonds and German 10 years (spread BOT / bunds) was at most 575. Ireland has reached 2200 points: it was forced to seek help of 85 billion euros in 2010, the European fund EFSF. Italy has never asked for help and will not do so. Even today, Ireland spends more than Italy, to finance its debt.

The confusion stems from the fact that Italy, in July 2011, appeared close to a major political crisis, but not to an economic crisis. The political crisis was due to the controversy between the President Berlusconi and Economics Minister Tremonti, who was considered the guardian of the public accounts.

See the IMF site.--Naumakos (talk) 22:17, 15 August 2012 (UTC)[reply]


Two central tenets of Wikipedia are verifiablilty and no original research. Regardless of whether Italy has received a bailout or not, since the mid-1990's it has been included in the term. For example:

"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." — Roberto M. Dainotto (2006), Europe (in Theory), Durham: Duke University Press, p. 2, ISBN 9780822339274

The term predates the crisis by over a decade and includes Italy. Additionally, use of the acronym as Portugal, Italy, Greece and Spain continued into the current crisis (even after Ireland became associated with the term in the media). Example:

"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." - Anders Åslund (2010), The Last Shall be the First: The East European Financial Crisis, 2008-10, Washington, DC: Peterson Institute, p. 29, ISBN 9780881325218

--RA (talk) 22:20, 15 August 2012 (UTC)[reply]
I know that two central tenets of Wikipedia are verifiablilty and no original research. But the sources, newspapers from around the world, they say contradictory things ... Every journalist writes according to his personal opinions: all opinions are legitimate, but we have to rely only on scientific sources. It is certainly not sufficient ABC NEWS Business Correspondent, because I could cite a RAI NEWS Correspondent, a journalist from the Sun 24 hours, which says the opposite ...
Now, I understand what you mean. But the term PIGS, as manifested in our context, has a precise meaning. It refers to the economic crisis of 2007-2012. We, therefore, we use various terms referring to only one source: the International Monetary Fund, setting out in an impartial manner, the macroeconomic data of all the countries. --Naumakos (talk) 22:42, 15 August 2012 (UTC)[reply]
For example, many sources say that "the i in the Pigs stands for Ireland, not Italy":
--Naumakos (talk) 22:55, 15 August 2012 (UTC)[reply]
Hmmm ... so you say we should avoid newspapers as sources ... and then you go on to cite two of them?
The second citation I gave above refers explicitly to the period of the 2007— economic crisis. Here's another dealing with that period:

"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." —John Quiggin (2012), Zombie Economics: How Dead Ideas Still Walk among Us, Princeton University Press, p. 229, ISBN 9781400842087

Anyway, I suppose I have now sufficiently demonstrated to you that (a) the term pre-dates the current crisis; and (b) it includes Italy (both before and now). The question of wether Ireland replaced Italy or not during the crisis (as suggested by the two newspapers you cite above) was given in the second line of the article before you changed it: "Since 2008, the term has included Ireland, either in place of Italy or with an additional I." --RA (talk) 23:06, 15 August 2012 (UTC)[reply]
I think that should be avoided newspapers and magazines (although Bloomberg seems to be a scientific magazine), but in any case, I demonstrated how the same sources are contradictory. Therefore, we must inspire us to a scientific criterion.
Because the terms PIGS / PIIGS terms are likely to be interpreted in so many different ways as possible, I believe that we must be impartial and just look at the numbers, the macroeconomic data, without any interpretation.
Before the crisis, the term PIGS had a different connotation. He had not an economic character, but a geographical character. Because this article is titled "PIGS (economics)" I think it only appropriate to be guided to the economy and, in particular, the current economic crisis.--Naumakos (talk) 23:16, 15 August 2012 (UTC)[reply]
The fact that even a magazine as The Economist says that "Ireland, not Italy, is the I in the Pigs", is a proof of how this term is interpreted differently among the various sources. (here). So...If I bring you ten sources, and you took me ten sources, we can not come to anything. We need to develop additional criteria...--Naumakos (talk) 23:27, 15 August 2012 (UTC)[reply]
Roberto Dainotto is Professor of Italian and of Literature at Duke University (not of Economics...) says: "when in 1995 Italy — along with the other southern countries of Portugal, Greece and Spain — finally made it to the borderless Europe doesn't know economics [...]". Now, he is wrong: Italy was among the founders of Europe in 1951 (with Portugal, Spain and Greece have entered in the year 80). From this point of view, too, Italy has nothing in common with the other three countries.--Naumakos (talk) 23:42, 15 August 2012 (UTC)[reply]
"Therefore, we must inspire us to a scientific criterion." No. That would be original research. We take a neutral point of view.
Differing view of whether, since 2008, the I stood for Ireland or Italy was already shown in the article: "Since 2008, the term has included Ireland, either in place of Italy or with an additional I." You removed that line and altered the article to read: "Since 2011, the term has included Italy, with an additional I." That is factually incorrect and explicitly contradicted by reliable sources. Italy has always been associated with the term.
Since you enjoy the Economist, here is what an an article from 2008 has to say:

"A particular worry is what could be called the PIGS—Portugal, Italy, Greece and Spain, Europe's negative version of the fast-growing BRICs."

As that reference shows, contrary to what you believe, use of the term has always been economic in character. Here's another example (also involving the Economist):

"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." — Bradley W. Bateman; Toshiaki Hirai; Maria Cristina Marcuzzo (2010), The Return to Keynes, Harvard University Press, p. 62, ISBN 9780674035386

Finally, the "borderless Europe" that Dainotto refers to is Schengen, which took effect in 1995 (see here).
--RA (talk) 23:52, 15 August 2012 (UTC)[reply]
As I mentioned, there are sources that say different things. Some believe that PIGS including Ireland, I showed you authoritative sources that confirm this (Bloomberg, The Economist, The Independent), other sources indicate Italy, and you showed me these other sources.
Given these contradictions, I believe it is necessary to conform to "higher-level sources." I then showed the macroeconomic data of Ireland and of Italy, as they are indicated by the International Monetary Fund, based on the two benchmarks to evaluate the economic soundness of a country (deficit and rate of interest on debt)
Any use of the term PIGS before the current economic crisis is not important, because in this article the term is treated with reference to the crisis in 2007-2012.
If you consider the news, the use of the term PIGS, with reference to the current economic crisis, was born with specific reference to Portugal, Ireland, Greece and Spain. Subsequently, some have used the term PIGS indicating, in promiscuous mode, Ireland and Italy, while others have preferred to keep the old tradition PIIGS.
The fundamental issue is that there are sources that say different things: for this reason, the only solution is to consider international and objective sources, such as the International Monetary Fund.--Naumakos (talk) 19:15, 16 August 2012 (UTC)[reply]
I've directed you earlier to WP:V and WP:NOR. We are not here to sort out "contradictions" through our own original research. In any case, the sources are quite consistent. Prior to the current crisis, PIGS referred exclusively to Portugal, Italy, Greece, Spain. Since the crisis, Ireland (and for a moment Iceland and Great Britain) also become associated with the term. That can — and already was — shown neutrally in the article.
I've revert your changes because (a) you haven't provided any evidence to support it except your own original thought; and (b) reliable source (the three you cited above, the five I cited above, and those already cited in the article) all contradict the change you made. --RA (talk) 23:57, 18 August 2012 (UTC)[reply]
Bloomberg, The Economist and The Independent are not "original research": PIGS, in the economic sense, refers to Ireland. Gray62 also said PIGS refers to Ireland. The term PIGS, in the past, was used to designate the countries of the Mediterranean sea without any reference to their economies: the economic aspect was not the basis for designating a particular category of countries. --Naumakos (talk) 11:09, 19 August 2012 (UTC)[reply]
Bloomberg, the Economist, etc. contradict the changes you are making. Please, look at the cited sources. If you want to propose changes, do so on the talk page. --RA (talk) 11:23, 19 August 2012 (UTC)[reply]
With respect to this edit. First, Wikipedia is not a democracy. Second, you should note User:Gray62 remark: "This looks good to me now. Thanks for polishing this up!" You are not altering the version he/she was supportive of.
I'm going to seek a third opinion. --RA (talk) 11:32, 19 August 2012 (UTC)[reply]
I do not know what to do more than bring the authoritative sources such as Bloomberg, The Economist and The Independent, confirming that PIGS is used to refer to Ireland and Italy. I do not know what to do more than seek a compromise with you, so write that "PIGS is sometimes used in promiscuous mode to designate both Ireland and Italy." I do not know what to do more than say that the term has an economic sense (which is what concerns us here), which is different from its geographical meaning, also attested in a few sources, which was used in the 90 years to indicate European countries of the Mediterranean sea. I would like not only the article was modified according to my directions, but, really, you were convinced of the correctness of this information. Since, for professional reasons, I work about Economic Affairs of the countries of southern Europe, I can assure you that what I said you is really the right thing! Believe me.--Naumakos (talk) 11:44, 19 August 2012 (UTC)[reply]
I've requested a third opinion. --RA (talk) 12:13, 19 August 2012 (UTC)[reply]

Third opinion

The dispute is over whether the term PIGS originally included "Ireland" or "Italy" and when Italy became associated with the term.

The statements below, added by Naumakos, I think, are contradicted by reliable sources (I've underlined the particular issues):

  • "PIGS (also PIIGS) 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."

The version here, I feel, is more accurate:

  • "PIGS (also PIIGS) is an 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."

Additionally, I believe the map Naumakos has added reflects Wikipedia:Recentism (and even then inaccurately) rather than a neutral historical perspective on the term.

35 sources with quotations are refernce in the version I link above. The following are particularly relevant, I feel (note the dates, also):

  • "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.
  • Niels Ruben Ravnaas (2010-05-10). "Banket gjennom giganthjelpen". Na24. Retrieved 2012-04-25. 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. (Translation: "These European countries have in the financial world gone under the nickname PIGS countries (Portugal, Italy, Greece (Greece) and Spain) since 1997. After the financial crisis struck, and there was increased focus on European countries' public finances, also Ireland and the UK have been linked to the PIGS, which means that you now have both collective term PIIGS and PIIGGS.)")
  • S. Gurumurthy (May 26 2010), Too small is ‘too big' to fail, The Hindu, retrieved 19 August 2012, "PIGS in Muck" — this was how, using the acronym 'PIGS' for Portugal, Italy, Greece and Spain, the Financial Times London had titled an edit on August 31, 2008. … 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). {{citation}}: Check date values in: |date= (help)
  • Matei, Daniela (2010). "The Role of the Euro During and After Economical Crisis" (PDF). Economics and Applied Informatics (1): 87–92. 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.

--RA (talk) 12:13, 19 August 2012 (UTC)[reply]

Hello! I'm from WP:3O. Naumakos, above you wished to use macroeconomic data to support the thesis that the "I" refers initially to Ireland. This cannot be done, unless there's a source that uses those macroeconomic numbers to support the idea themselves. Anything else is synthesis, a kind of original research. You say that newspapers insert their own biases, yet it's possible that the creators of the term had their own biases, too, and wished to include Italy despite Ireland being worse-off. That's why in this particular instance we can't synthesize these sources: We might introduce a meaning distinct from what was intended in the first place, even if the intended meaning was inaccurate in the grand scheme of things.
A brief skim over Google suggests that Italy is the most commonly accepted initial, and nearly all the sources that say "Ireland" are doing so as a clarification, e.g., "you've all been wrong this whole time!" It's not our job to correct public knowledge; all we can do is say others are attempting to correct it. In the meantime, we have to use what is considered common knowledge.
Futhermore, there are sources that say "Ireland has recently been introduced", which suggests that Italy had been common knowledge. The contrasting sources say that the "I" stood for Ireland, but are there any sources that say Italy had been "introduced"? If there aren't, then one of the I's in PIIGS would have no meaning, unless Ireland were introduced twice ;-) Logically, it's looking strong that that initial "I" stood for Italy.
As for the PIIGGS map, I guess that depends on the prevalence of the term. I myself have no objection to include Great Britain if PIIGGS is accepted nomenclature and not merely hypothetical or in-the-future. Otherwise, I'd wait just a while to see its use rises or falls. Xavexgoem (talk) 18:14, 19 August 2012 (UTC)[reply]
The particularly contentious issue is this: some sources include Ireland, other sources include Italy. Thus, the sources which, in the past, included Italy, today also included Ireland, and vice versa.
However, some sources, which are specialized in economic matters, not only did not include Italy among the PIGS, but also explicitly specify that Ireland is to be included, not Italy. These sources date back to 2010. They say: "The “i” in the Pigs acronym stands for Ireland and not Italy" (here, Bloomberg); "The i in the Pigs acronym for indebted states stands for Ireland and not Italy" (here, The Independent).
In addiction, we can consider a source as "The Ireland Institute" (october 2010): "[...] This collapse cut government revenue in many countries, while government spending on public services and unemployment benefits grew. The result has been soaring public sector deficits, especially in the countries where the biggest bubbles were. In Europe, these were the PIGS countries: Portugal, Ireland, Greece and Spain."(here).
An other authoritative source is that of two famous Italian professors, Luigi Marattin of the University of Bologna and Simone Salotti of the University of Florence. In their essay, The Euro-Dividend: Public Debt and Interest rates in the Monetary Union, they wrote: "Such an unprecedented deterioration of public finance conditions is raising considerable concerns regarding the possible negative effect on interest rates. Particularly, there is a widespread concern in the European Monetary Union (EMU), where the conduct of the common monetary policy could be damaged by a generalized increase in yields on the capital market driven by the deterioration of national fiscal conditions. In early 2010, concerns about fiscal solvency of some EMU countries (the so-called “PIGS”: Portugal, Ireland, Greece and Spain), with the widening of within-EMU government bonds’ interest rates spread and talks of possible bail outs, is jeopardizing Eurozone’s financial stability." (page 2).
In any case, it is evident that the term PIGS is used in promiscuous mode to indicate both Ireland and Italy. As rightly said by User:Xavexgoem, the term PIGS was born in journalistic language and, therefore, has no real scientific basis, so it would be unnecessary to investigate the real macroeconomic data ...
What could be, however, a remedy to resolve this contradiction, considering that some sources indicate Ireland and other Italy? Only to solve this antinomy I made reference to the macroeconomic data of the International Monetary Fund.
Things, then, are complicated because, in the past, the term PIGS existed but did not have the meaning which it has assumed in everyday life. PIGS acronym was to indicate the countries of the Mediterranean, toghether with a history and a common culture (the Roman Empire, the Romance languages​​, etc.).
I think we should make a synthesis of sources. My proposal is this: "PIGS is an acronym used to refer to the economies of Portugal, Ireland, Greece and Spain. Nevertheless, in the language of mass media, the term is sometimes used in a promiscuous way, to indicate both Ireland and Italy. Alternatively, the term PIIGS is used."--Naumakos (talk) 20:53, 19 August 2012 (UTC)[reply]
I like your compromise, but it gives more weight to one interpretation. How about:

"PIGS is an acronym that refers to the economies of Portugal, Italy, Greece, and Spain.[cite] [<--This reflects the most common use] Some economists use the "I" to refer to Ireland,[cite] and the acronym PIIGS is also used to refer to both Italy and Ireland.[cite]"

Would that be acceptable to both? --Xavexgoem (talk) 21:07, 19 August 2012 (UTC)[reply]
I do not believe much in the rightness of the statement because, in addition to demonstrate the numerical superiority of those who include Italy, we should also demonstrate their superior quality, on which I doubt... for example, many newspapers are confused about debt and deficit and, consequently, damage sometimes wrong numbers ... the characteristic aspect that prevents Italy to be included in full in PIGS is the structural nature of the economy, which differs from other countries not only from a macroeconomic point of view, but also microeconomic (company structure, the service sector, etc..). In addition, Italy is one of the G8... In seeking a compromise between sources opposing each other, I think it is better to look for sources which are "higher-level", which are capable of expressing a greater weight than other sources. We can say: ""PIGS is an acronym used to refer to the economies of Portugal, Ireland (or, sometimes, Italy), Greece and Spain." What I do not agree with, more than anything, is the conceptual aspect of not distinguishing different characters of macro/micro economics.--Naumakos (talk) 21:44, 19 August 2012 (UTC)[reply]
Bloomberg and "The Independent" (actually the Irish Independent) references are actually the same source. Both are quoting the same report by UniCredit, an Italy bank, and are syndicated articles. However, the issue of whether, since the current crisis, Ireland has become associated with the term, either alongside or instead of Italy, is not in question. It is not a consistent feature, however — and some sources are now suggesting the association is withering away (just like the association of Great Britain and Iceland with the term was fleeting). On the other hand, Italy has been associated with the acronym since its inception in the 1990s.
Xavexgoem, for that reason, I'm fine with your suggestion. (A tweak I might make is to add a rough date for the change in use e.g. "Since the financial crisis, some economists use the 'I' to refer to Ireland…")
Naumakos, I don't know where to begin. Multiple sources already in the article show the origins of the term in the mid-1990s. The association of Italy with the term is constant. Only in recent years have variants that used Ireland instead of Italy, or alongside it, appeared. Multiple (very reliable) sources cited already in the article attest to this.
As Xavexgoem points out, whether those sources are "right" or "wrong" to include Italy among the PIGS is not something we should worry about. Discussion of how some sources say Ireland is more proper that Italy (the UniCredit reference for example) would be a good thing to add to the body of the article. And how other sources say including Ireland is "unfair" (I'm quoting one there) should obviously also be discussed in the same place. --RA (talk) 23:47, 19 August 2012 (UTC)[reply]
Naukamos, you've stated that PIGS did indeed initially refer to Mediterranean countries. So does the addition of "Since the financial crisis, some economists use the 'I' to refer to Ireland" suggestion above fit the context you're looking for? --Xavexgoem (talk) 00:35, 20 August 2012 (UTC)[reply]
PIGS was born in the 90's in journalistic language as an acronym to indicate the countries of southern Europe, similar to their history and their culture (civil law, as opposed to common law, etc.). An acronym, however, which was dispensed with any economic connotation. But, when the term PIGS was used again in 2008, it lost its geographical connotation and became an economic sense. As if there were two terms PIGS, one released the other.
Sources: things are very complex. For example, the major Italian newspaper, Corriere della Sera, the headline (2010): "Italy? Do not confuse this with the Pigs" here). In France, Le Figaro includes Ireland (here). In conclusion, the sources are different...we need to develop a criterion that could solve the antinomies!--Naumakos (talk) 22:47, 20 August 2012 (UTC)[reply]
Naumakos, the term has always referred to economics. (Also, FYI, nearly all European states use civil law.) Some further sources describing the origins and use of the term, including the origins of the recent association with Ireland:
  • Carlo Bastasin (2012), Saving Europe: How National Politics Nearly Destroyed the Euro, Washington: Brookings Institution Press, p. 95, ISBN 9780815721970, The widely read financial blog of the Financial Times commented: "In the euro zone, there has always been a quartet of nations with a somewhat unstable rating position: the PIGS. That is, Portugal, Italy, Greece and Spain. Rating agency S&P though, in a slew of rating renouncements this week, has affirmed Italy's A+. So we need a new vulnerable I on the cusp of downgrade. Step in, Ireland. With a AAA rating." In this psychological game of "group dynamics", there was an unconscious need to blame, isolate, and shame the weakest. The "PIGS" brand, born in the 1990s, was a suitable tool.
  • Sarah Krouse (19 March 2012). "Investing in PIIGS: Portugal". Financial News. Retrieved 21 August 2012. The acronym "PIGS" was first coined in the 1990s to describe Portugal, Italy, Greece and Spain – four peripheral European Union states with the weakest economies. In 2008, it became PIIGS when Ireland was added after its banking crisis.
  • "PIGS slaughtered". Mining Journal. London: Aspermont UK. 21 May 2010. Retrieved 21 August 2012. With all this uncertainty, an unfortunate acronym is back in fashion (despite being widely considered to be derogatory). PIGS usually refers to the economies of Portugal, Italy, Greece and Spain, and dates back to the 1990s (when it referred generally to the southern economies of the European Union).
    The currently vulnerable economies of Portugal, Greece and Spain are again being grouped together due to high national budget deficits relative to GDP, and high, or rising, government debt levels. Greece has a government debt to GDP level of 120%, Portugal 90% and Spain 54%.
    Italy is not suffering to the same extent, and the country's economy returned to growth in the third quarter of 2009.
    Also, despite a rise in unemployment in March to almost 9%, Italian output has grown rapidly recently. For this reason, Italy is often replaced in the acronym, rather arbitrarily, by Ireland (which, in 2007, became the first eurozone country to enter recession).
--RA (talk) 09:08, 21 August 2012 (UTC)[reply]
(I meant civil law in the strict sense: Germany and the German countries use the variant represented by the "Usus modernus pandectarum" - ABGB, BGB, ZGB - while Italy and other civil law countries derived it from the "Napoleonic Code").
Probably someone in the 90's made ​​reference to Italy due to the fact that Italy, in 1992, was hit by a crisis, which led the country to get out by EMS.
However, it seems that you brought a source that says: "For this reason, Italy is often replaced in the acronym, rather arbitrarily, by Ireland."
The use of the term PIGS with reference to the crisis of 2007 therefore includes Ireland.
On the other hand, we can not but consider that interest rates (10 years) of government bonds was at most 7.2% for Italy, while for Ireland it was 24.0%.
So I propose this compromise: "PIGS is an acronym that refers to the economies of Portugal, Ireland, Greece and Spain, as a result of the economic crisis of 2007-2012. During the 90's, it was customary to include Italy rather than Ireland. Since 2007, as an alternative to the use of this acrontm, the term PIIGS has been used to refer both to Ireland than to Italy."--Naumakos (talk) 20:32, 21 August 2012 (UTC)[reply]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Talk:PIGS_(economics)&oldid=508520403"