Portugal and PIGS: Main Lessons of Economic Recovery

... credit market. Spain and Greece have also been rather successful in bridling the negative economic trends to prove that PIGS countries [1] offer a good example of the focused execution of complicated homework. PIGS: P for Portugal Portugal, Ireland, Greece, and Spain emerged from the 2008-2010 global financial crisis virtually insolvent [2] , with signs of recovery from the painful recession appearing only in 2013. Since these countries’ economic potentials (see Table 1) and macroeconomic problems differ, mechanisms for handling the problems also varied....