Italy may become the new “I” in PIGS

[Lars77]

Source: MSNBC

ROME – Perhaps the “I” in PIGS, should be Italy instead of Ireland.

The unfortunate acronym is used to describe the four European countries that are most exposed to the current economic crisis – Portugal, Ireland, Greece and Spain.

For a while, with its deepening debt problems, Ireland seemed to have earned the vowel slot in the unflattering group, while Italy, despite owing 120 percent of its gross domestic product, seemed to sail through the euro-zone debt crisis.

No longer.

Read more: http://worldblog.msnbc.msn.com/_news/2011/07/12/7067955-italy-may-become-the-new-i-in-pigs

[Commie Pinko Dirtbag]

1. PIGS (or PIIGS) is an offensive acronym. I suggest GIPSI.

[KamaAina]

2. That'd certainly hit Berlusconi right where he lives

he who warned of Mailan becoming a "gypsy town".

[SOS]

3. US national debt per capita: $45,097

Italy national debt per capita: $36,841

When the bond vigilantes attack US treasury securities the acronym will have to be updated to US PIGS.

Offensive monikers will be less amusing when it's our turn.

[JDPriestly]

8. Compare the income per capita too, please.

# 20 Italy: $19,276.10 per person

# 5 United States: $33,070.30 per person

http://www.nationmaster.com/graph/eco_gro_nat_inc_percap-gross-national-income-per-capita

We could not repay our debt in a year, but it would take Italy even longer.

And of course, this measure does not include the value of the nation's assets which are much higher for the US. We have a lot of resources that Italy does not have.

[ret5hd]

11. i keep hearing mention of "the nations assets" when speaking of...

these debt problems.

When it comes to the u.s., what "assets" are we speaking of that could be used to get us out of debt?

Yellowstone?
Muir Forest?
Zion National Park?

We are in the process of giving away our nations education system. We essentially give away our nations airwaves. We essentially give away our nations mineral wealth. When it comes to our true national treasures, just how high a price do you think our nations leaders will demand from their true bosses?

[JDPriestly]

12. Precisely -- our freeways, our utilities, our water, our air space, our deserts.

Those are the assets the big capitalists are eying with envy. You can bet on that.

[WatsonT]

13. Italy has a weaker economy than ours, historically a slower growth rate and lower per capita income

If I put 100,000 on my credit card this month it doesn't really help me to say "well Bill Gates put 200,000 on his, so I'm not doing too bad"

[DJ13]

4. Im starting to think the wealthy bond traders

have made a shopping list of important historical properties in Europe (and the US as well, but thats for later) and are forcing these countries (Greece, now Italy) into selling off their national treasures by doing "bond runs", where they create a lack of interest by not buying, which forces the government to have to keep offering ever higher interest rates, to the point the interest consumes too much of the government revenue.

"Oh Muffy, would you like the Parthenon in Greece for your birthday next year?"

[Freddie Stubbs]

5. The problem with your theory is that others would then buy the bonds that the

"wealthy bond traders" were refusing to buy. They would have a financial incentive to do so.

[DJ13]

6. They would have a financial incentive to do so.

Not if they expected rates to continue rising.

[Taverner]

7. Berlesconi ran that country into the ground

Even the Economist doesn't like him

[JDPriestly]

9. And Berlusconi's friend Bush ran us into the ground.

This is a Mafia-like trick. Buy into a business; steal its assets; and leave the "owners" and employees high and dry.

[Cereal Kyller]

10. You mean PIGSU

Guess who'll be supplying the "U"?