PIGS (economics)

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PIGS or PIIGS or PIIGGS is an acronym used in economics and finance. Originating in the 1990s, the term usually refers to the economies of Portugal, Italy, Greece and Spain, four weak economies of southern Europe.[1][2][3]

The term became popularised during the European sovereign-debt crisis of the late 2000s and expanded in use during this period. Initially, Ireland was not included in this term, having debt significantly below the Eurozone average, and a government surplus as late as 2006. However, taking on the guarantee of banks' debt, the government budget deficit rose to 32% of GDP in 2010, which was the world's largest.[4] It then became associated with the term replacing Italy or changing the acronym to PIIGS.[1][5][6] Sometimes a second G (PIGGS or PIIGGS), for Great Britain, was also added.[7][8][9][10][11][12][13] Some people say that France should be added.[14]

The term is widely considered derogatory and its use was curbed during the period of the European crisis by the Financial Times and Barclays Capital in 2010.[1][15][16][17]


  1. ^ a b c "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).
  2. ^ 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. ^ "CIA World Factbook page on Ireland". CIA. 
  5. ^ 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. 
  7. ^ Gudrun Hentges; Bettina Lösch (2011). Die Vermessung der sozialen Welt: Neoliberalismus - Extreme Rechte - Migration im Fokus der Debatte. Springer-Verlag. p. 22. ISBN 978-3-531-92756-5. PIIGGS-Staaten (Portugal, Italien, Irland, Griechenland, Großbritannien, Spanien) gibt einen Hinweis auf Bevorstehendes. Linke Krisenverarbeitungen Die Wahrnehmung dieser dem F inanzmarktkapitalismus innewohnenden neuen ... 
  8. ^ Guido Migliaccio (2013). Squilibri e crisi nelle determinazioni quantitative d'azienda. Il contributo della dottrina italiana. FrancoAngeli. p. 354. ISBN 978-88-204-1460-3. Da considerare che anche Nazioni diverse dai Paesi PIIGGS hanno dovuto fronteggiare la crisi. [...] ...e poi il Regno Unito con l' acronimo "PIIGGS" 
  9. ^ 김민주; 이정아, 김정원; 이재구 (25 November 2010). 2011 트렌드 키워드. 미래의 창. p. 123. ISBN 978-89-5989-148-1. 김민주, 이정아, 김정원, 이재구 - 2010 - Preview - More editions 김민주, 이정아, 김정원, 이재구. 는 영국(Great Britain)과 아일랜드(Ireland)의 재정 위기도 PIGS 못지 않다고 하여, 두 나라를 더한 PIIGGS라는 말도 나왔다. 2 0 1 1 『 뭄 숀 옌 0 × 
  10. ^ European Debt Crisis 2011. epubli. p. 8. GGKEY:UEDZH7FPXQR. (65 ) Objections to proposed policies PIGS: Portugal, Italy, Greece and Spain PIIGS: with Ireland PIIGGS: with United Kingdom (GreatBritain) The crisis is seen as a justification for imposing fiscal austerity (66 ) on Greece in exchange for ... 
  13. ^ Matthew Sparke (5 December 2012). Introducing Globalization: Ties, Tensions, and Uneven Integration. John Wiley & Sons. p. 261. ISBN 978-1-118-24110-3. an acronym which in a further sign of contagion concerns among financial commentators grew to include Ireland and Great Britain, too, with PIIGGS, and further still to register the debt-binging United States itself in PIG IS US). 
  14. ^ Patrick Allen. "Should France Be Added to the 'PIIGS'?". CNBC. 

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