PIGS (Portugal, Italy, Greece, Spain)

PIGS is an acronym referring to Portugal, Italy, Greece, and Spain, countries that faced significant economic challenges following the European debt crisis around 2009. These nations struggled with high public debt, slow economic growth, and financial instability, which increased the risk of defaulting on debt obligations. The term gained prominence during the crisis but is often viewed as pejorative. Efforts to stabilize their economies included austerity measures and international bailouts, aiming to restore fiscal health and confidence within the Eurozone.