PIIGS is a derogatory nickname for Portugal, Italy, Ireland, Greece and Spain, which began to be used in the late 1970s to emphasize the economic influence of these countries on the EU.
The use of this term has largely been phased out due to its offensive nature.
Portugal, Italy, Ireland, Greece and Spain have been blamed for slowing the eurozone’s economic recovery from the 2008 financial crisis as they contributed to slow GDP growth, high unemployment and high debt levels in the region.