during good times the governments borrowed more money than they are now able to pay back
PIGS is an acronym referring to Portugal, Italy, Greece and Spain. All are members of the European Union and had economic problems in recent years.
There are 5 countries in the European Economic Union which are currently having particularly bad economic problems, those being Portugal, Ireland, Italy, Greece, and Spain. In the form of an acronym, that works out to PIIGS.
Greece joined what was then known as the European Economic Community in 1981. It is now called the European Union.
Greece.
Greece Portugal Malta Spain
Greece is currently facing economic debt crisis balance of payment deficit unemployment high inflation
Slovenia, Romania, Bulgaria, and Greece. Croatia will be admitted to the EU in July 2013.
By 1986, the European Economic Community (EEC) comprised twelve member countries: Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Denmark, Ireland, the United Kingdom, Greece, Portugal, and Spain. These nations were integral to the EEC's goals of promoting economic integration and cooperation among European countries. The EEC later evolved into the European Union (EU).
As of the start of 2011 there are still some countries in Europe that are still experiencing economic problems. Portugal, Ireland and Greece, amongst others, would be included.
Several European nations remained largely agricultural well into the 20th century, notably those in Southern and Eastern Europe. Countries like Greece, parts of Portugal, and regions in Italy relied heavily on agriculture due to their geography and economic structures. Additionally, nations such as Romania and Bulgaria maintained significant agricultural sectors, with many people employed in farming and rural activities. These countries often faced challenges in industrialization and economic diversification compared to their more industrialized Western European counterparts.
Greece joined what was then called the European Economic Community, now called the European Union, in 1981.
Greece joined what was then known as the European Economic Community in 1981. It is now known as the European Union.