PIGS countries (PIIGS)
PIGS countries or also the frequently used abbreviation PIIGS is a group of countries that threaten the stability of the European Union. It includes: Portugal (Portugal - P), Ireland (Ireland -I), Italy (Italy - I), Greece (Greece - G) and Spain (Spain - S).
PIIGS country designation"was introduced by journalists and financial analysts in 2008, at the height of the financial crisis in the EU, to characterize the financial policies of these countries. The abbreviation is composed in such a way that it represents the word "pigs" in English. These countries were characterized by large public debt, poor budget deficit dynamics, and required special measures to eliminate these problems, including the intervention of the ECB and the IMF.
The pejorative term was used to emphasize the threat that the financial situation of these countries posed to the stability of the euro.