"PIIGS" is a not-so-complimentary acronym used by some in the economics media and among some economists to denote a bunch of European countries that have been in economic turmoil for the last decade. This acronym was coined a few years ago, but has kept coming back into the news, especially in recent times because the troubles never seem to go away.
Earlier it was just "PIGS", and later it acquired an additional "I". Which five countries?
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Portugal, Italy, Ireland (the second "I"), Greece, and Spain.
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Previous questions on economic acronyms: Q.145 and Q.90