PIGS

by Genjourist Shikhar Misra



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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.


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