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| [[File:PIGS-PIIGS-PIIGGS.png|thumb|right|200px| | |||
| '''PIGS''' is an acronym used in ] and ]. Originating in the 1990s, the term usually refers to the economies of ], ], ] and ], four economies of sourthern Europe.<ref name="MiningJournal">{{cite news|url=http://www.mining-journal.com/comment/pigs-slaughtered?SQ_DESIGN_NAME=print_friendly|title=PIGS slaughtered|date=21 May 2010|newspaper=Mining Journal|publisher=Aspermont UK|location=London|accessdate=21 August 2012|quote=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).<br/>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%.<br/>Italy is not suffering to the same extent, and the country’s economy returned to growth in the third quarter of 2009.<br/>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).}}</ref><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=] |author=Daniel Vernet}}</ref><ref>{{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> With the onset of the ], ] became associated with the term, either replacing Italy or as a second ''I'' ('''PIIGS''').<ref>{{cite news|url=http://www.efinancialnews.com/story/2012-03-19/investing-in-piigs-portugal|title=Investing in PIIGS: Portugal|newspaper=Financial News|author=Sarah Krouse|date=19 March 2012|accessdate=21 August 2012|quote=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.}}</ref><ref>{{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> Sometimes a second ''G'' ('''PIIGGS''' or '''PIGGS'''), for ], was also added.<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><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> The term is widely considered derogatory and its use was curbed by the ] and ] in 2010.<ref name="MiningJournal"/><ref>{{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><ref>{{cite news|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|first=Robert|last=Holloway|date=15 September 2008|quote="The FT was accused of racism after its Lex column ran a piece about four southern European economies on September 1 headlined 'Pigs in muck'. The article almost caused a diplomatic incident when Portugal's Economy Minister Manuel Pinho said 'I am deeply offended that anyone would label my country with this term.' PIGS has been used as an abbreviation for Portugal, Italy, Greece and Spain since at least 1999, when they and eight other countries adopted the euro as a common currency."}}</ref> | |||
| {{legend|#FF0000|PIGS: Portugal, Ireland, Greece and Spain}} Pigs is also the acronym used for the countries that got bailout in Europe such Ireland,Portugal,Greece and Spain | |||
| {{legend|#FF7F50|PIIGS: with Italy}} | |||
| {{legend|#FFD700|PIIGGS: with United Kingdom}} | |||
| ]] | |||
| ] | |||
| '''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 ] used by international bond analysts, academics, and the economic press that refers to the economies of ], ] and/or ], ], and ] - often in regard to matters relating to ] markets. Some news and economic organisations have limited or banned its use due to criticism regarding perceived offensive connotations. | |||
| ==History== | |||
| The acronym has long been used<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, Ireland, Greece, Spain. |title=L'Allemagne au coeur du débat français |date=24 April 1997 |work=] |author=Daniel Vernet}}</ref> by bank analysts and bond and currency traders dating back at least to the period of the ] and is used by some analysts,<ref>{{cite web |quote=In general, the weakest EU economies, called PIGS (Portugal, Ireland, Greece, Spain), are best avoided in the near term. In recent times ] has also been associated with the PIGS countries and the acronym has been modified to become PIIGS. However considering that Italy never got any bailout and is the third largest econpomy and contributor at year to the EU, 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=]}}</ref> academics<ref>{{dead link|date=November 2012}}</ref> and commentators<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=]|year=2000|ISBN=0821413317|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=]|year=2007|ISBN=184376878X|page=}}</ref> as a concise way to refer to the ] countries of ] noted for similar economic environments.<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 - Google Books |publisher=Books.google.de |date= |accessdate=2012-11-30}}</ref><ref>{{cite web|url=http://www.goldseiten.de/content/diverses/artikel.php?storyid=2576 |title=GoldSeiten.de |publisher=GoldSeiten.de |date= |accessdate=2012-11-30}}</ref><ref> | |||
| {{cite news | |||
| | last= Von Reppert-Bismarck | |||
| | first= Juliane | |||
| | url= http://www.newsweek.com/id/143665 | |||
| | title= Why Pigs Can’t Fly | |||
| | publisher= ] | |||
| | date= July 7–14, 2008 | |||
| | accessdate= 2012-11-30 | |||
| }}</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 | OANDA Forex Blog |publisher=Forexblog.oanda.com |date=1999-02-22 |accessdate=2012-11-30}}</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> | |||
| ==Controversy== | |||
| The term was denounced as a ] by the Portuguese Finance Minister in 2008,<ref name=portafolio1>{{cite web |author=] |url=http://blogs.afp.com/?post/2008/09/15/Pigs-in-muck-and-lipstick |title=Pigs in muck and lipstick |work=] |date=September 15, 2008|accessdate=2012-11-30}}</ref> and by some members of the Portuguese and Spanish speaking press.<ref name=portafolio1>{{cite web |url=http://www.portafolio.com.co/opinion/editorial/editorial-de-siglas-y-peligros_7151050-3 |title=Editorial: De siglas y peligros |work=www.portafolio.com.co}}</ref><ref name=lavanguardia1>{{cite web |author=J. Ramón González Cabezas |url=http://www.lavanguardia.es/economia/noticias/20090125/53625911592/la-recesion-acosa-al-euro.html |title=La recesión acosa al euro |work=Lavanguardia.es |date=25 January 2009|accessdate=2012-11-30}}</ref><ref name=elmundo.es1>{{cite web |author=Federico Jimenez Losantos |url=http://www.elmundo.es/2008/09/16/opinion/2496377.html |title=Financial pigs |work=Elmundo.es |date=16 September 2008}}</ref> Members of the Spanish and other international economic press continue to use the ] in its narrow and restricted economic sense as a grouping acronym like the related ].<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=2012-11-30}}</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=2012-11-30}}</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=2012-11-30}}</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|publisher=Capitalmadrid.info|accessdate=2012-11-30}}</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|publisher=Libertaddigital.com|accessdate=2012-11-30}}</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|publisher=Abc.es|accessdate=2012-11-30}}</ref> Others however, notably the '']'' and '']'' have restricted or banned<ref>{{cite web|author=All times are London time |url=http://ftalphaville.ft.com/blog/2010/02/05/142451/anything-but-porcine-at-barcap/ |title=Anything but porcine at BarCap | FT Alphaville |publisher=Ftalphaville.ft.com |date=2010-02-05 |accessdate=2012-11-30}}</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|accessdate=2012-11-30}}</ref> with the ] notably reducing but not eliminating<ref>{{cite web|url=http://blogs.ft.com/money-supply/2010/06/11/pigs-and-not-piigs/?Authorised=true |title=PIGS and not PIIGS? | Money Supply |publisher=Blogs.ft.com |date=2010-06-11 |accessdate=2012-11-30}}</ref> its use. | |||
| ==Variations== | |||
| With the onset of the ] 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= |accessdate=2012-11-30}}</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 web|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 ... - Richard Deiss - Google Books |publisher=Books.google.com |date=2010-04-13 |accessdate=2012-11-30}}</ref> some commentators added the additional "i" for comparative purposes to include Ireland from the ], with alternatively the "I" which originally referred to Italy occasionally becoming an interchangeable reference to Ireland<ref>{{dead link|date=November 2012}}</ref> by some during this period. | |||
| Additional permutations gained prominence during the ] period and into the ] as some commentators used numerous variations such as PIIGGS<ref>{{dead link|date=November 2012}}</ref><ref>{{dead link|date=November 2012}}</ref> which includes the United Kingdom (as ''Great Britain'').<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|publisher=Mpra.ub.uni-muenchen.de|accessdate=2012-11-30}}</ref><ref>{{cite journal|first=D MATEI|title=The Role of the Euro During and After Economical Crisis|url=http://anale-economie.spiruharet.ro/files/anale/AnaleEconomie_Nr10_Vol1i3.pdf#page=219|year=2010|journal=Economics and Applied Informatics|accessdate=2012-11-30}}</ref><ref>{{cite journal|first=P 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=219|year=2010|journal=Annals of Spiru Haret University|accessdate=2012-11-30}}</ref> | |||
| ==See also== | |||
| {{Commons category|PIIGS}} | |||
| * ] | |||
| * ] | |||
| * ] | |||
| * ] | |||
| * ] | |||
| * ] | |||
| ==References== | ==References== | ||
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Revision as of 15:34, 30 March 2013
PIGS (also PIIGS) is an acronym used by international bond analysts, academics, and the economic press that refers to the economies of Portugal, Ireland and/or Italy, Greece, and Spain - often in regard to matters relating to sovereign debt markets. Some news and economic organisations have limited or banned its use due to criticism regarding perceived offensive connotations.
History
The acronym has long been used by bank analysts and bond and currency traders dating back at least to the period of the ERM and is used by some analysts, academics and commentators as a concise way to refer to the Eurozone countries of southern Europe noted for similar economic environments.
Controversy
The term was denounced as a pejorative by the Portuguese Finance Minister in 2008, and by some members of the Portuguese and Spanish speaking press. Members of the Spanish and other international economic press continue to use the term of art in its narrow and restricted economic sense as a grouping acronym like the related BRIC. Others however, notably the Financial Times and Barclays Capital have restricted or banned the term, with the FT notably reducing but not eliminating its use.
Variations
With the onset of the Financial crisis of 2007–2010 several variations appeared. When rendered as "PIIGS" 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 by some during this period.
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 which includes the United Kingdom (as Great Britain).
See also
References
- Hugh, Edward (Dec 16, 2009). "Is Austria Set To Join The Honourable Company of PIIGs?". Roubini Global Economics. Retrieved 17 May 2011.
- 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, Ireland, Greece, Spain.
- "Greece and Ireland show best returns". Investment Adviser. March 15, 2007.
In general, the weakest EU economies, called PIGS (Portugal, Ireland, Greece, Spain), are best avoided in the near term. In recent times Italy has also been associated with the PIGS countries and the acronym has been modified to become PIIGS. However considering that Italy never got any bailout and is the third largest econpomy and contributor at year to the EU, it is an unfortunate comparison.
- Dean J. Kotlowski (2000). The European Union: from Jean Monnet to the Euro. Ohio University Press. ISBN 0821413317.
- 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 184376878X.
{{cite book}}: CS1 maint: multiple names: authors list (link) - "Der Euro: Fragen und Antworten zum neuen Europa-Geld - Google Books". Books.google.de. Retrieved 2012-11-30.
- "GoldSeiten.de". GoldSeiten.de. Retrieved 2012-11-30.
- Von Reppert-Bismarck, Juliane (July 7–14, 2008). "Why Pigs Can't Fly". Newsweek. Retrieved 2012-11-30.
- "Ten years on, beware a porcine plot". The Economist. June 5, 2008.
- "Euro Struggles on Growing PIIGS Debt Concern | OANDA Forex Blog". Forexblog.oanda.com. 1999-02-22. Retrieved 2012-11-30.
- "Europe's PIGS: Country by country". BBC News. 11 February 2010.
- ^ Robert Holloway (September 15, 2008). "Pigs in muck and lipstick". AFP. Retrieved 2012-11-30. Cite error: The named reference "portafolio1" was defined multiple times with different content (see the help page).
- J. Ramón González Cabezas (25 January 2009). "La recesión acosa al euro". Lavanguardia.es. Retrieved 2012-11-30.
- Federico Jimenez Losantos (16 September 2008). "Financial pigs". Elmundo.es.
- "Χρημα - Μηνιαιο Οικονομικο & Επενδυτικο Περιοδικο". Hrima.gr. Retrieved 2012-11-30.
- "Mario Draghi, presidente por sorpresa del BCE". Cotizalia.com. Retrieved 2012-11-30.
- "La cruz que carga España por Grecia no se hace más pesada". elEconomista.es. 2011-04-19. Retrieved 2012-11-30.
- "La web de Roubini propone la solución para los PIIGS: euro fuerte y euro débil". Capitalmadrid.info. Retrieved 2012-11-30.
- "Japón, Francia, Reino Unido, EEUU y PIIGS, los más vulnerables". Libertaddigital.com. Retrieved 2012-11-30.
- "Krugman atribuye problemas de España a falta de unión fiscal y laboral en UE". Abc.es. Retrieved 2012-11-30.
- All times are London time (2010-02-05). "Anything but porcine at BarCap | FT Alphaville". Ftalphaville.ft.com. Retrieved 2012-11-30.
- James Mackintosh (5 February 2010). "STUPID investors in PIGS". ft.com. Retrieved 2012-11-30.
- "PIGS and not PIIGS? | Money Supply". Blogs.ft.com. 2010-06-11. Retrieved 2012-11-30.
- Niels Ruben Ravnaas Tips meg. "EUROPA - Banket gjennom giganthjelpen NA24". Na24.no. Retrieved 2012-11-30.
- Martin de Sa'Pinto (2010-01-15). "Hedge funds to favor BRIC not PIIGS in 2010: Lipper". Reuters. Retrieved 2011-07-24.
- "Der Nabel des Mondes und die Träne im Indischen Ozean: 333 Länderbeinamen ... - Richard Deiss - Google Books". Books.google.com. 2010-04-13. Retrieved 2012-11-30.
- "Are we able to capture the EU debt crisis? Evidence from PIIGGS countries in panel unit root framework". Mpra.ub.uni-muenchen.de. 2011. Retrieved 2012-11-30.
{{cite web}}:|first=missing|last=(help)CS1 maint: multiple names: authors list (link) - "The Role of the Euro During and After Economical Crisis" (PDF). Economics and Applied Informatics. 2010. Retrieved 2012-11-30.
{{cite journal}}:|first=missing|last=(help) - "The Impact Of The Financial Crisis On The Currency And The Monetary System" (PDF). Annals of Spiru Haret University. 2010. Retrieved 2012-11-30.
{{cite journal}}:|first=missing|last=(help)