PIGS 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 economies of southern Europe. With the onset of the European sovereign-debt crisis, Ireland became associated with the term, either replacing Italy or as a second I (PIIGS). Sometimes a second G (PIIGGS or PIGGS), for Great Britain, was also added. The term is widely considered derogatory and its use was curbed by the Financial Times and Barclays Capital in 2010.
Use of the term compares to the non-pejorative BRIC or BRICS, the G7 developed economies, and other predominately economic-groupings of countries.
Famous quotes containing the word pigs:
““The time has come,” the Walrus said,
“To talk of many things:
Of shoes—and ships—and sealing wax—
Of cabbages—and kings—
And why the sea is boiling hot—
And whether pigs have wings.””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)