What is PIIGS?
PIGS is an aggressive acronym for Portugal, Italy, Ireland, Greece and Spain, which were the eurozone's weakest economies during the European debt crisis. At the time, the acronym for the five countries drew attention to its poor economic performance and financial instability, raising their ability to repay bondholders and raising concerns that they would not pay their debts. Will
- PIIGS is a satirical nickname for Portugal, Italy, Ireland, Greece and Spain, used in the late 1970s to highlight the economic impact of these countries in the European Union. The use of this term has been largely abandoned due to its offensive nature.
- Portugal, Italy, Ireland, Greece and Spain have been accused of slowing the eurozone's economic recovery since the 2008 financial crisis, leading to a slowdown in the region's GDP, high unemployment and Helped with high debt.