The term originated in the 1990s with the increased integration of the EU economies, and it was often used in reference to the growing debt and economic vulnerability of the Southern European EU countries.[1][3] It was again popularised during the European sovereign-debt crisis of the late 2000s and expanded in use during this period. In the 1990s to late 2000s, Ireland was not included in this term; the country was still in the midst of its "Celtic Tiger" period, with debt significantly below the Eurozone average and a government surplus as late as 2006. However, taking on the guarantee of banks' debt, the Irish government budget deficit rose to 32% of GDP in 2010, which was the world's largest.[9] Ireland then became associated with the term, replacing Italy or changing the acronym to PIIGS,[1][4][5][10] with Italy also indicated as the second "I".[11]
After the crisis started in 2008, Karim Abadir used the term GIPSI to reflect the sequencing he believed would take place.[12] Sometimes a second G (PIGGS or PIIGGS), for Great Britain, was also added.[13][14][15][16][17][18][19]
These terms are widely considered derogatory and their use was curbed by the Financial Times and Barclays Capital in 2010.[1][20][21][22] PIGS is considered a racist framing that was utilized to blame South European populations for the general economic crisis, thereby legitimizing austerity measures and sovereignty losses.[23] GIPSI is deemed even more poignantly racist for its pun on the pejorative English term for the Romani people.[24]
^ abcd"PIGS slaughtered". Mining Journal. London: Aspermont UK. 21 May 2010. Archived from the original on 27 May 2013. Retrieved 21 August 2012. 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). 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%. Italy is not suffering to the same extent, and the country's economy returned to growth in the third quarter of 2009. 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).
^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, Italy, Greece, Spain.
^ abRoberto M. Dainotto (2006), Europe (in Theory), Durham: Duke University Press, p. 2, ISBN9780822339274, 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 Lindsay Waters reported.
^ abSarah Krouse (19 March 2012). "Investing in PIIGS: Portugal". Financial News. Retrieved 21 August 2012. 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.
^ abJohn Quiggin (2012), Zombie Economics: How Dead Ideas Still Walk among Us, Princeton University Press, p. 229, ISBN9781400842087, 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 budget surpluses in the years leading up to the crisis.
^"While Greece flails, are the rest of the stricken Pigs taking off?". The Independent. 20 February 2015. Archived from the original on 2022-05-24.
^"Europe's PIGS: Country by country". BBC News. 11 February 2010.
^Kenneth Agutamba (12 July 2015). "Europe's sick 'PIGS' may dampen EAC's monetary union hopes". The New Times Rwanda.
^"CIA World Factbook page on Ireland". CIA. 22 March 2023.
^"BBC News - Europe's PIGS: Country by country". bbc.co.uk. 11 February 2010. "analysts use PIIGS to include Italy - Europe's longstanding biggest debtor".
^"Is the Economic Crisis Over (and Out)?". Review of Economic Analysis. 2011. p. 108.
^Gudrun Hentges; Bettina Lösch (2011). Die Vermessung der sozialen Welt: Neoliberalismus - Extreme Rechte - Migration im Fokus der Debatte. Springer-Verlag. p. 22. ISBN978-3-531-92756-5. PIIGGS-Staaten (Portugal, Italien, Irland, Griechenland, Großbritannien, Spanien) gibt einen Hinweis auf Bevorstehendes. Linke Krisenverarbeitungen Die Wahrnehmung dieser dem F inanzmarktkapitalismus innewohnenden neuen ...
^Guido Migliaccio (2013). Squilibri e crisi nelle determinazioni quantitative d'azienda. Il contributo della dottrina italiana. FrancoAngeli. p. 354. ISBN978-88-204-1460-3. Da considerare che anche Nazioni diverse dai Paesi PIIGGS hanno dovuto fronteggiare la crisi. [...] ...e poi il Regno Unito con l' acronimo "PIIGGS"
^김민주; 이정아, 김정원; 이재구 (25 November 2010). 2011 트렌드 키워드. 미래의 창. p. 123. ISBN978-89-5989-148-1. 김민주, 이정아, 김정원, 이재구 - 2010 - Preview - More editions 김민주, 이정아, 김정원, 이재구. 는 영국(Great Britain)과 아일랜드(Ireland)의 재정 위기도 PIGS 못지 않다고 하여, 두 나라를 더한 PIIGGS라는 말도 나왔다. 2 0 1 1 『 뭄 숀 옌 0 ×
^European Debt Crisis 2011. epubli. 2011-11-02. p. 8. GGKEY:UEDZH7FPXQR. (65 ) Objections to proposed policies PIGS: Portugal, Italy, Greece and Spain PIIGS: with Ireland PIIGGS: with United Kingdom (GreatBritain) The crisis is seen as a justification for imposing fiscal austerity (66 ) on Greece in exchange for ...
^Niels Ruben Ravnaas (2010-05-10). . Na24. Archived from the original on 2011-07-19. Retrieved 2012-04-25. 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.
^S. Gurumurthy (May 26, 2010), "Too small is 'too big' to fail", The Hindu, retrieved 19 August 2012, 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 France next, as the newly qualified members of the PIGS, making it PIIGGS (adding another 'I', for Ireland and another 'G', for Gual (France)).
^Matthew Sparke (5 December 2012). Introducing Globalization: Ties, Tensions, and Uneven Integration. John Wiley & Sons. p. 261. ISBN978-1-118-24110-3. an acronym which in a further sign of contagion concerns among financial commentators grew to include Ireland, with PIIGGS, and further still to register the debt-binging United States itself in PIG IS US).
^James Mackintosh (5 February 2010). "STUPID investors in PIGS". Blogs Financial Times. 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.
^Alloway, Tracy (2010-02-05). "Anything but porcine at BarCap". Alphaville. Financial Times. Retrieved 2012-04-25. 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.
^Holloway, Robert (15 September 2008). . Archived from the original on April 20, 2010. 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.
^Van Vossole, Jonas (2016). "Framing PIGS: patterns of racism and neocolonialism in the Euro crisis". Patterns of Prejudice. 50 (1): 1–20. doi:10.1080/0031322X.2015.1128056. hdl:10316/41783. ISSN 0031-322X. S2CID 220341363.
^Christou, Anastasia (2018). "The "Wretched of Europe": Greece and the Cultural Politics of Inequality". Humanity & Society. 42 (1): 102–127. doi:10.1177/0160597616664169. ISSN 0160-5976. S2CID 151782073.
External linksedit
Look up PIGS, PIIGS, PIIIGS, or PIIGGS in Wiktionary, the free dictionary.
November 08, 2023
pigs, economics, pigs, derogatory, acronym, that, been, used, designate, economies, southern, european, countries, portugal, italy, greece, spain, during, european, debt, crisis, 2009, variant, piigs, gipsi, coined, include, ireland, time, these, five, member,. PIGS is a derogatory acronym that has been used to designate the economies of the Southern European countries of Portugal Italy Greece and Spain 1 2 3 4 5 During the European debt crisis of 2009 14 the variant PIIGS or GIPSI was coined to include Ireland At the time these five EU member states were struggling to refinance their government debt or to bail out over indebted banks 6 7 8 A graph showing the economic data from Greece Ireland Italy Portugal Spain Great Britain Germany the EU and the eurozone for 2009Net international investment position of PIIGS plus some other statesThe term originated in the 1990s with the increased integration of the EU economies and it was often used in reference to the growing debt and economic vulnerability of the Southern European EU countries 1 3 It was again popularised during the European sovereign debt crisis of the late 2000s and expanded in use during this period In the 1990s to late 2000s Ireland was not included in this term the country was still in the midst of its Celtic Tiger period with debt significantly below the Eurozone average and a government surplus as late as 2006 However taking on the guarantee of banks debt the Irish government budget deficit rose to 32 of GDP in 2010 which was the world s largest 9 Ireland then became associated with the term replacing Italy or changing the acronym to PIIGS 1 4 5 10 with Italy also indicated as the second I 11 After the crisis started in 2008 Karim Abadir used the term GIPSI to reflect the sequencing he believed would take place 12 Sometimes a second G PIGGS or PIIGGS for Great Britain was also added 13 14 15 16 17 18 19 These terms are widely considered derogatory and their use was curbed by the Financial Times and Barclays Capital in 2010 1 20 21 22 PIGS is considered a racist framing that was utilized to blame South European populations for the general economic crisis thereby legitimizing austerity measures and sovereignty losses 23 GIPSI is deemed even more poignantly racist for its pun on the pejorative English term for the Romani people 24 See also editList of country groupings Sick man of EuropeReferences edit a b c d PIGS slaughtered Mining Journal London Aspermont UK 21 May 2010 Archived from the original on 27 May 2013 Retrieved 21 August 2012 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 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 Italy is not suffering to the same extent and the country s economy returned to growth in the third quarter of 2009 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 Daniel Vernet 24 April 1997 L Allemagne au coeur du debat francais Le Monde que l argot communautaire a affubles d un sobriquet peu elegant dans sa signification anglaise pigs pour Portugal Italy Greece Spain a b Roberto M Dainotto 2006 Europe in Theory Durham Duke University Press p 2 ISBN 9780822339274 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 Lindsay Waters reported a b Sarah Krouse 19 March 2012 Investing in PIIGS Portugal Financial News Retrieved 21 August 2012 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 a b John Quiggin 2012 Zombie Economics How Dead Ideas Still Walk among Us Princeton University Press p 229 ISBN 9781400842087 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 budget surpluses in the years leading up to the crisis While Greece flails are the rest of the stricken Pigs taking off The Independent 20 February 2015 Archived from the original on 2022 05 24 Europe s PIGS Country by country BBC News 11 February 2010 Kenneth Agutamba 12 July 2015 Europe s sick PIGS may dampen EAC s monetary union hopes The New Times Rwanda CIA World Factbook page on Ireland CIA 22 March 2023 An Introduction To The PIIGS Investopedia BBC News Europe s PIGS Country by country bbc co uk 11 February 2010 analysts use PIIGS to include Italy Europe s longstanding biggest debtor Is the Economic Crisis Over and Out Review of Economic Analysis 2011 p 108 Gudrun Hentges Bettina Losch 2011 Die Vermessung der sozialen Welt Neoliberalismus Extreme Rechte Migration im Fokus der Debatte Springer Verlag p 22 ISBN 978 3 531 92756 5 PIIGGS Staaten Portugal Italien Irland Griechenland Grossbritannien Spanien gibt einen Hinweis auf Bevorstehendes Linke Krisenverarbeitungen Die Wahrnehmung dieser dem F inanzmarktkapitalismus innewohnenden neuen Guido Migliaccio 2013 Squilibri e crisi nelle determinazioni quantitative d azienda Il contributo della dottrina italiana FrancoAngeli p 354 ISBN 978 88 204 1460 3 Da considerare che anche Nazioni diverse dai Paesi PIIGGS hanno dovuto fronteggiare la crisi e poi il Regno Unito con l acronimo PIIGGS 김민주 이정아 김정원 이재구 25 November 2010 2011 트렌드 키워드 미래의 창 p 123 ISBN 978 89 5989 148 1 김민주 이정아 김정원 이재구 2010 Preview More editions 김민주 이정아 김정원 이재구 는 영국 Great Britain 과 아일랜드 Ireland 의 재정 위기도 PIGS 못지 않다고 하여 두 나라를 더한 PIIGGS라는 말도 나왔다 2 0 1 1 뭄 숀 옌 0 European Debt Crisis 2011 epubli 2011 11 02 p 8 GGKEY UEDZH7FPXQR 65 Objections to proposed policies PIGS Portugal Italy Greece and Spain PIIGS with Ireland PIIGGS with United Kingdom GreatBritain The crisis is seen as a justification for imposing fiscal austerity 66 on Greece in exchange for Niels Ruben Ravnaas 2010 05 10 Banket gjennom giganthjelpen Na24 Archived from the original on 2011 07 19 Retrieved 2012 04 25 Disse europeiske landene har i finansverdenen gatt under okenavnet PiGS land Portugal Italia Hellas Greece og Spania siden 1997 Etter at finanskrisen inntraff og det ble okt fokus pa europeiske lands statsfinanser har ogsa Irland og Storbritannia blitt knyttet til PIGS noe som gjor at man na bade har samlebetegnelsene PIIGS og PIIGGS S Gurumurthy May 26 2010 Too small is too big to fail The Hindu retrieved 19 August 2012 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 France next as the newly qualified members of the PIGS making it PIIGGS adding another I for Ireland and another G for Gual France Matthew Sparke 5 December 2012 Introducing Globalization Ties Tensions and Uneven Integration John Wiley amp Sons p 261 ISBN 978 1 118 24110 3 an acronym which in a further sign of contagion concerns among financial commentators grew to include Ireland with PIIGGS and further still to register the debt binging United States itself in PIG IS US James Mackintosh 5 February 2010 STUPID investors in PIGS Blogs Financial Times 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 Alloway Tracy 2010 02 05 Anything but porcine at BarCap Alphaville Financial Times Retrieved 2012 04 25 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 Holloway Robert 15 September 2008 Pigs in Muck and Lipstick Archived from the original on April 20 2010 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 Van Vossole Jonas 2016 Framing PIGS patterns of racism and neocolonialism in the Euro crisis Patterns of Prejudice 50 1 1 20 doi 10 1080 0031322X 2015 1128056 hdl 10316 41783 ISSN 0031 322X S2CID 220341363 Christou Anastasia 2018 The Wretched of Europe Greece and the Cultural Politics of Inequality Humanity amp Society 42 1 102 127 doi 10 1177 0160597616664169 ISSN 0160 5976 S2CID 151782073 External links edit nbsp Look up PIGS PIIGS PIIIGS or PIIGGS in Wiktionary the free dictionary Retrieved from https en wikipedia org w index php title PIGS economics amp oldid 1183187420, wikipedia, wiki, book, books, library,
