The PIIGS that won’t fly

Na Economist

At a summit in Brussels on March 25-26th, leaders of the 16 member countries of the euro area finally agreed on a last-resort financial rescue mechanism for Greece, whose massive stock of public debt and yawning budget deficit have fuelled fears that it may default. The markets’ reaction to the deal was lukewarm, suggesting that investors have yet to be convinced that Greece will be able to continue to service its debts. Yet beyond Greece there are questions over several other euro-area countries: the five so-called PIIGS, which face many of the same economic challenges as well as the ability to cause headaches in Brussels (and Berlin).

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