Portugal and PIGS: Main Lessons of Economic Recovery

... 12,2 25,5 For comparison: Italy 59,69 1560 25600 -1,1 132,6 12,5 41,8 Eurozone 333,11 9600 28600 -2,1 92,6 11,9 23,8 Data used: http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-GL-14-002/EN/KS-GL-14-002-EN.PDF Abbreviated by Anglo-Saxon media as PIGS, Portugal followed Ireland in tackling the complex issues outlined by the creditors, and on May 17, 2014 officially declined external assistance. In contrast to other group members, Portugal’s economy bypassed the real estate collapse and the banking ...