What does PIIGS stand for?
What does PIIGS stand for?
Portugal, Ireland, Italy, Greece and Spain
0 comments | 8 shares. 8 Shares. During the Eurozone crisis the term ‘PIIGS’, denoting Portugal, Ireland, Italy, Greece and Spain, gained traction as a shorthand for referring to the countries worst hit by the crisis.
What caused PIIGS?
Portugal, Italy, Ireland, Greece, and Spain were blamed for slowing the eurozone’s economic recovery following the 2008 financial crisis by contributing to slow GDP growth, high unemployment, and high debt levels in the area.
Who invented the term Piigs?
Which countries are referred to as PIIGS? Portugal, Italy, Ireland, Greece, and Spain make up the letters. All arepart of the European Union. The use of the acronym goes back to 1979 and describes countries in the EU considered to have troubled economies. However, there’s no known inventor of the term.
Who came up with the term Piigs?
Ireland then became associated with the term, replacing Italy or changing the acronym to PIIGS, with Italy also indicated as the second “I”. After the crisis started in 2008, Karim Abadir used the term GIPSI to reflect the sequencing he believed would take place.
Who invented Piigs?
However, there’s no known inventor of the term. Originally, it was just PIGS, without Ireland. That changed in 2008, with Ireland’s financial crisis, when the country fell into recession.
Who has the EU bailed out?
Template:Bailout programs for EU members (since 2008)
| EU member | Time span | Bailout in total (billion €) |
|---|---|---|
| Greece III4 | Aug.2015-Aug.2018 | 864 |
| Hungary5 | Nov.2008-Oct.2010 | 15.6 out of 20.05 |
| Ireland6 | Nov.2010-Dec.2013 | 68.26 |
| Latvia7 | Dec.2008-Dec.2011 | 4.5 out of 7.57 |
What does Greece bailout mean?
The bailout – the term given to emergency loans aimed at saving the sinking Greek economy – began in 2010, when eurozone states and the IMF came together to provide a first tranche of €20bn. At the worst moments of the crisis, there were doubts about whether the eurozone would survive at all.
Why did Greece get a bailout?
As a result of low productivity, eroding competitiveness, and rampant tax evasion, the government had to resort to a massive debt binge to keep the party going. Greece’s admission into the Eurozone in Jan. 2001 and its adoption of the euro made it much easier for the government to borrow.
What is Mint geography?
Key Takeaways. MINT is an acronym for Mexico, Indonesia, Nigeria, and Turkey. Fidelity selected these countries in 2011 based on their potential for future growth based on certain geographic, demographic, and economic factors.
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