PIGS is a pejorative acronym used to refer to the economies of Portugal, Italy, Greece and Spain which are facing a financial crisis.
Since 2008, the term has included Ireland, either in place of Italy or with an additional I. Some news organizations have limited or banned use of the term because of criticism regarding perceived offensive connotations. The term has been used since at least the mid-1990s as an epithet.
The Daily Omnivore 