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PIIGS and PIGS are acronyms used by international bond analysts, academics, and by the international economic press that refer to the economies of Portugal, Italy, Ireland, Greece, and Spain. When rendered as "PIGS", the "I" usually refers to Italy. Because of their offensive connotations, some news and economic organisations have denounced or banned the use their use.

History
The acronyms have long been used by bank analysts, bond and currency traders dating back at least to the period of the ERM and are used by some analysts, academics and commentators as a concise way to refer to the Eurozone countries of southern Europe noted for similar economic environments.

Controversy
The term has been actively denounced as an pejorative by the Portuguese Finance Minister, and some members of the Portuguese and Spanish speaking press. Members of the Spanish economic press continue to use the term of art in its narrow and restricted economic sense as a grouping acronym like the related BRIC. Others however, notably the Financial Times and Barclays Capital have banned the term as "insulting" and "offensive", respectively.