Portugal and PIGS: Main Lessons of Economic Recovery

... Greece fulfills its obligations. Greece is not yet ready to turn its back on foreign crediting. Despite some progress, the reforms lag behind other countries, in part because of resistance from government employees, citizens and private enterprises. Spain , the largest PIGS economy and the fourth largest in the Eurozone, in 2009 was in debt to the tune of 53 percent of GDP . The calamity stemmed from the astonishing construction boom and related banking crisis, with loans easily extended both to individuals and legal ...