by Genjourist Shikhar Misra

Share to:

Portugal, Italy, Greece, Spain acronym PIGS are referred to as those four nations that faced a severe economy breakdown just some years ago.

The use of the acronym goes back to 1979 and describes countries in the EU that are considered to have troubled economies. However, there is no known inventor of this term.

So why are these nations under debt? These nations took money from the European Union but were unable to pay them back.

In simple words, imagine if India gets divided into small nations again like Delhi, U.P., Karnataka and to name a few. If they each had their own currency, they’d be independent and each of them could figure out their own solutions to problems. Some would choose to cut the costs, while others might devalue their currency.

Now bind all those countries under one currency. Everyone fails to take some big economic decisions. Delhi, Punjab, and Maharashtra go around taking decisions for every state. These decisions will help in some circumstances and hurt in others.

Indian banks giving aid to these small nations so as to make them self-sufficient by providing more funds to poor states.

Just think about how a north eastern state will develop according to the strategies that helped develop Delhi and Punjab.

They will be debt ridden for sure and after everything that happened a few years back in Europe, nations are still in a fight to get everything back on track.

Leave a Comment:
More From Economics
Recent Articles
More By This Genjourist
Also Read
Card image cap

You're Worth It

If I asked you to name all the things that you love, how long would it take f...

Last updated 3 mins ago

Card image cap

Expel the Virus Embedded in Your Brain for Generations

The population of our world is widely divided into different races, religion,...

Last updated 3 mins ago

Card image cap

Knowledge is Power



Knowledge itself is not power but k...

Last updated 3 mins ago

Card image cap

Beauty Redefined

Beauty, as defined by the Oxford dictionary, is ‘a combination of qualities...

Last updated 3 mins ago

Partner with us
  • Advertisement
  • Sponsors
Become a Genjourist
  • Write for us
Follow Us
Subscribe on YouTube
Genjour Media Pvt. Ltd. © 2017 | All rights reserved