Portugal, Italy, Ireland, Greece and Spain - PIIGS
Pigs might also refer to our pork prices page
PIGS is usually used as a belittling acronym in economics for the countries of Portugal, Italy, 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 as compared to the rest of European Monetary Union.
All of the four PIGS have suffered a relentless loss of competitiveness since the European Monetary Union, the EMU, was launched. The deficits have reached 10pc of GDP in Spain and 14pc 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.