Over the past few years, the term “PIIGS” has become synonymous with economic concerns and fears of collapse. The acronym, which currently refers to the European countries of Portugal, Italy, Ireland, Greece, and Spain: was originally just ‘PIGS’ , used to group the similar economies of Southern Europe when considering them for acceptance into the European Monetary Union. Nevertheless, as a result of the global financial crisis, this term soon came to identify economically weak and overly indebted nations. However, unlike Italy, Greece, and Portugal, who had before the crisis demonstrated relatively slow growth, modest unemployment, and a propensity to run high budget deficits; Spain and Ireland, on the other hand, had both been extremely successful in demonstrating rapid growth, high employment, and budget surpluses within their economies. The question at hand then, is how did Ireland come to be grouped with these other countries?
- Finacial Crisis,
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