Portugal, Italy, Ireland, Greece and Spain - PIIGS
Pigs might also refer to our pork prices page
PIGS (also PIIGS) is usually used as an acronym in economics for the countries of Portugal, Italy, (and sometime Ireland), Greece and Spain where the consensus is that these countries are dragging down the trade performance of the Eurozone bloc. This term is used to define a country within the Eurozone which have larger current account deficits and higher unemployment compared to the rest of European Monetary Union.
All of the PIGS (PIIGS) have suffered a loss of competitiveness since the European Monetary Union, the EMU, was launched. The deficits have reached 10% of GDP in Spain and 14% in Greece in 2008. None has begun to narrow the gap in unit labour costs with other countries such as Germany and France, ensuring that the inevitable adjustment will be more severe when it comes.