The once widespread acronym PIIGS (Portugal, Italy, Ireland, Greece and Spain) is now rarely used. A decoupling has taken place, with pre-reform and post-reform countries considered separately. Following deep dives by the EU/ECB/IMF troika, both Ireland and Greece are now seen by analysts as being in the post-reform category. Debt levels are still high, but there are unlikely to be any major surprises.
In the case of Spain, the troika did come to...
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