Portugal and PIGS: Main Lessons of Economic Recovery
... Across the PIGS In mid-May last year, Portugal officially exited the financial assistance program launched in 2011 by the European Union, European Central Bank, and International Monetary Fund. Although it was not the first country to turn its back on these loans (Ireland had that honor), Portugal has attracted significant public attention. After a painstaking implementation of international creditors’ guidelines, Lisbon has progressed along the path of reform and returned to the world credit market. Spain and Greece have also been rather successful in bridling the negative economic trends to prove that PIGS countries [1] offer ...